2013-14 SPIL - Annual Report

GROWTH
IS A CONSTANT
13
14
SUN PHARMACEUTICAL INDUSTRIES LTD.
ANNUAL REPORT
02 Key Performance Indicators
03 Ten Year Financial Highlights
04 Management Discussion and Analysis Report
30 Directors Report
36 Corporate Governance
54 Standalone Financial Statements
100 Consolidated Financial Statements
CONTENTS
ANNUAL REPORT 2013-14
In a dynamic industry
landscape, our overall
perIornance reIecIs an
unwavering focus on
consistent growth. Despite a
constantly changing operating
environment, we have been
able to accelerate growth.
FY14 was no exception to
this. During the year, we not
only retained our momentum,
but enhanced it, despite a
changing regulatory and
operating landscape.
GROWTH IS A
CONSTANT
At Sun Pharma, our
corporate strategy is
geared towards embracing
emerging opportunities,
delivering a consistent
performance and ensuring
the health and wellness of
patients.
The corporate structure is
also undergoing signiIcanI
changes to support our
enhanced scale of operations
and an expanding global
presence. However, even
as the internal and external
environment keeps changing,
our focus on growth remains
steadfast.
The result is a constantly
accelerating performance
and a stronger commitment
to reach new frontiers in our
business.
2
KEY PERFORMANCE
INDICATORS
R&D Expenditure
(` million)
04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14
10,418
7,042
4,449
3,313
2,469
3,320
2,859 2,787
2,015
1,427
Net Block
(` million)
04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14
49,827
45,145
29,295
25,214
15,328 14,625
10,354
9,514 8,563
5,719
Earning Per Share - Basic*
(`)
04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14
15.2
28.8
25.7
17.5
65.2
87.8
74.7
41.7
30.9
21.3
Reserve & Surplus
(` million)
04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14
183,178
148,862
121,322
93,798
77,254
69,414
48,879
26,747
14,959
10,366
Total Income
(` million)
04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14
166,326
116,880
84,910
60,827
42,123
44,808
35,017
23,745
18,042
12,301
Net Proft
(` million)
04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14
31,414
29,831
26,567
18,161
13,470
18,780
15,509
8,402
5,730
4,002
* During the fnancial year 2004-05, the company issued bonus shares in the ratio of one equity share of ` 5/- for every share held.
* During the fnancial year 2010-11, each Equity share of ` 5/- was split into fve equity shares of ` 1/- each.
3
Statutory Reports Corporate Overview
Key Performance Indicators
Ten Year Financial Highlights
Financial Statements
TEN YEAR
FINANCIAL HIGHLIGHTS
CONSOLIDATED
(` in million)
Particulars 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
Operating
Performance
Income from
Operations
11,983 17,372 22,373 34,606 43,751 38,086 57,279 80,195 112,999 160,804
Total Income 12,301 18,042 23,745 35,017 44,808 42,123 60,827 84,910 116,880 166,326
Proft for the year
(afer minority
interest)
4,002 5,730 8,402 15,509 18,780 13,470 18,161 26,567 29,831 31,414
R&D Expenditure 1,427 2,015 2,787 2,859 3,320 2,242 3,313 4,449 7,042 10,418
a) Capital 418 481 347 134 222 159 236 362 427 556
b) Revenue 1,009 1,534 2,440 2,725 3,098 2,083 3,077 4,088 6,616 9,862
c) % of Turnover 12% 12% 13% 9% 8% 6% 6% 6% 6% 7%
Financial Position
Equity Share Capital 928 929 967 1,036 1,036 1,036 1,036 1,036 1,036 2,071
Reserve and Surplus 10,366 14,959 26,747 48,879 69,414 77,254 93,798 121,322 148,862 183,178
Gross Block 7,806 12,342 14,252 15,960 21,476 23,340 45,473 54,269 75,763 86,505
Net Block 5,719 8,563 9,514 10,354 14,625 15,328 25,214 29,295 45,145 49,827
Investments 6,485 3,541 2,543 6,565 18,595 31,664 26,557 22,129 24,116 27,860
Net Current Assets 16,360 23,006 26,843 33,995 35,485 28,542 58,622 76,749 86,618 130,603
Stock Information
Number of Shares
(million)
185 186 193 207 207 207 1,036 1,036 1,036 2,071
Earnings per Share-
Basic (In `)*
21.3 30.9 41.7 74.7 87.8 65.2 17.5 25.7 28.8 15.2
Earning per Share-
Diluted (In `)*
20.7 27.7 38.9 71.8 87.8 65.2 17.5 25.7 28.8 15.2
* During the fnancial year 2010-11, each Equity share of ` 5/- was split into fve equity shares of ` 1/- each.
4
THE MARKET SIZE OF GLOBAL
PHARMACEUTICAL INDUSTRY IS
ESTIMATED TO REACH
US$ 1.2 TRILLION BY 2017
GROWING AT A COMPOUND ANNUAL
GROWTH RATE OF 3-6% AND THE
EMERGING MARKETS ARE LIKELY TO BE
THE GROWTH DRIVERS.
MANAGEMENT
DISCUSSION AND
ANALYSIS REPORT
GLOBAL PHARMACEUTICAL INDUSTRY
The market size of the global pharmaceutical industry is
estimated to reach US$ 1.2 trillion by 2017 growing at a
Compound Annual Growth Rate (CAGR) of 3-6% and the
emerging markets are likely to be the key growth drivers.
Several factors like economic growth, demographic
changes, transition in community health and policy
responses and focus on healthcare funding are expected to
lead to double-digit growth in the pharmerging markets.
On the other hand, economic and healthcare austerity
measures and the savings realized from the growing
availability of generic drugs, following their patent expiry,
may see developed markets record low single-digit growth.
70
Forecast
60
50
40
30
20
10
0
2008-12 Growth US$ 217 Bn 2013-17 Growth US$ 230-260 Bn
-10
A
b
s
o
l
u
t
e

G
r
o
w
t
h
,

c
o
n
s
t
a
n
t

U
S
$

B
n
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Developed Pharmerging
Rest of world
Chart 1 Pharmaceutical Spending - Global Markets
(1)
5
Management Discussion and
Analysis Report
Halol Plant
Spending Growth Contribution
US ROW EUS Japan China
2012
US$ 965 Bn
34
31
15
12
8
(%)
US$ 230-260 Bn
2012-17
41
34
16
6
3
(%)
Chart 2 Pharmaceutical Spending - Geography-wise
(1)
US$ 1,170-1,200 Bn
2017
33
31
15
13

(%)
9
6
At par with region CAGR Lower than region CAGR Higher than region CAGR
Ahmednagar Plant
Developed Markets CAGR 2013-17
(%)
US 1-4
Japan 2-5
Germany 1-4
France (-1)-2
Italy 0-3
Canada 1-4
Spain (-4)-(-1)
UK 1-4
Developed 1-4
Pharmerging Markets CAGR 2013-17 (%)
Tier 1 (China) 15-18
Tier 2 10-13
Brazil 11-14
Russia 9-12
India 11-14
Tier 3 7-10
Pharmerging 11-14
Table 1 Global Pharma Market Growth Rate for 2013-17
(2)
7
Analysis Report
GLOBAL GENERICS
(1)

A shiH oI Ihe global spending nix Iowards generics over
Ihe nexI Ive years has been IorecasIed, a nove prinarily
driven by the pharmerging markets, despite branded drugs
continuing to form almost two-thirds of global spending in
the developed markets.
It is estimated that the generic spending on medicines will
grow from US$ 261 billion in 2012 to US$ 421-432 billion by
2017 globally. Global generic spending is likely to reach 36%
of total spending by 2017, as against 27% in 2012.
Brand Generic Other
Developed Markets
2012
2012
2012 US$ 622 Bn 72% 16% 12%
2017 2017
US$ 650-
680 Bn
67% 21% 12%
Rest of the world
US$ 120 Bn 57% 27% 16%
2017
US$ 125-
155 Bn
52% 31% 17%
Overall Global Market
2012 US$ 965 Bn 61% 27% 12%
2017
US$ 1,170-
1,200 Bn
52% 36% 12%
Pharmerging Markets
US$ 370-
400 Bn
26% 63% 11%
US$ 224 Bn 31% 58% 11%
Chart 3 Global Pharmaceutical Spending
(1)
Table 2 Branded Drugs vs. Generics
(1)
Key Areas Branded Drugs Generics
Spending Accounted for 61% of total pharmaceutical
spending in 2012
Accounted for 27% of total pharmaceutical
spending in 2012
Market value Projected to increase from US$ 589 billion in
2012 to US$ 608-624 billion by 2017
Projected to increase from US$ 261 billion in
2012 to US$ 421-432 billion by 2017
Opportunity While developed markets are likely to reduce
overall branded drug spending over the next
Ive years, brand spending will increase Ior
specialIy drugs IargeIing speciIc conplex
ailments
Ageing global population, patent expiries
in developed markets and favourable
demographics in emerging markets will drive
growth for generics globally
USA Patent protected brand volume growth is
expected to slow down going forward driven
by patent expiries
Around 34 oI ?0!? brand spending will shiH Io
generics by 2017 in the US alone
8
GLOBAL PHARMA INDUSTRY - GROWTH
DRIVERS
(3,4,5)
Increase in life expectancy and ageing population: Life
expectancy is expected to reach 73.7 years by 2017 from an
estimated 72.6 years in 2012, bringing more than 10% of
the total global population to over the age of 65 years.
Moreover, the global population aged 60 or above has
almost tripled over the period 1950-2000 and is expected
to reach nearly two billion by 2050 prompting the
need for more medical care, a key demand driver for the
pharmaceuticals industry.
Rising income of households: It is forecasted that the
number of high-income households (annual earnings
of over US$ 25,000) will rise by about 10%, taking the
count to over 500 million by 2017 - almost over 50% of
such growth will come from Asia. Rising income will make
expensive nedicines aHordable, providing a IhrusI Io
growth of the pharmaceuticals industry.
Growing incidence of chronic diseases: At present,
chronic diseases, including heart disease, cancer, stroke,
diabetes and respiratory illnesses top the global health
agenda, accounting for over 63% of all deaths worldwide.
Sedentary lifestyles, diet changes and rising obesity levels
are likely causes. Healthcare demand for these diseases will
contribute to the industrys growth.
Improved healthcare access reforms: With more than one
billion people lacking access to a health care system across
Ihe world, diHerenI counIries are inIroducing healIhcare
reforms, including increases in government funding and
broader insurance coverage. For example, the US extended
health insurance to more than 30 million uninsured citizens
under Ihe PaIienI ProIecIion and AHordable Care AcI
(PPACA or ACA), naking nedicines aHordable and driving
the growth potential and industry outlook.
Bottle Packing Line, Halol
9
Analysis Report
OUTLOOK
(1,2)
Developed markets: Patent expiries, impact of the global
economic crisis and the increasing specialist nature of
new drugs may cause a slide in the share of the developed
counIries (US, Europe, |apan) in IoIal pharnaceuIical
spending to 53% in 2017 from 61% in 2012.
Spending on generics is estimated to rise from 16% of
the total spending in 2012 to 21% of the overall developed
market spend in 2017, reaching a market value of
US$ 136-143 billion by 2017.
USA: The US was the largest pharmaceutical market
globally, with a market size of US$ 328 billion in 2012 and
it is estimated to grow at a compound annual growth rate
Developed Markets
Sales in
2017 (US$)
Sales in
2017 (US$)
Oncology 74-84 Bn
Diabetes 34-39 Bn
Anti TNFs 32-37 Bn
Pain 31-36 Bn
Asthma/ COPD 31-36 Bn
Other CNS Drugs 26-31 Bn
Hypertension 23-26 Bn
Immunostimulants 22-25 Bn
HIV Antivirals 22-25 Bn
Dermatology 22-25 Bn
Antibiotics 18-21 Bn
Cholesterol 16-19 Bn
AnIi- EpilepIics 15-18 Bn
Immunosuppressants 15-18 Bn
Antipsychotics 13-16 Bn
Antiulcerants 12-14 Bn
Antidepressants 10-12 Bn
Antivirals excluding HIV 8-10 Bn
ADHD 7-9 Bn
Interferons 6-8 Bn
Pain 22-25 Bn
Other CNS Drugs 20-23 Bn
Antibiotics 18-21 Bn
Hypertension 14-17 Bn
Diabetes 10-12 Bn
Dermatology
10-12 Bn
Antiulcerants
9-11 Bn
Cholesterol
6-8 Bn
AnIi-EpilepIics
3-5 Bn
Allergy
3-5 Bn
Antidepressants 3-5 Bn
Antiplatelet
3-5 Bn
Antipsychotics
2-3 Bn
Heparins
1-2 Bn
ErecIile DysIuncIion 1-2 Bn
Immunostimulants 1-2 Bn
Immunosuppressants
3-5 Bn
Antivirals excluding HIV
3-5 Bn
Asthma/COPD
3-5 Bn
Oncology
17-20 Bn
Pharmerging Markets
Specialty Traditional
Chart 4 Spending by Therapy Area in 2017
(1)
(CAGR) of 1-4% during the year 2013-2017 to reach
US$ 350-380 billion by 2017. But, USAs contribution to
the global spending pie is expected to decrease from 34%
in 2012 to 31% by 2017. Overall growth will continue to be
impacted by patent expiries and low cost generics.
ANDA Approvals
The rate of ANDA approvals at the US FDA has remained
sIagnanI over Ihe pasI Ive years, in IacI, iI even declined in
2013, despite a slight improvement in 2010-2012. The US
FDA, is in the process of implementing the Generic Drug User
Fee Amendments of 2012 (GDUFA) programme, which is
designed Io speed access Io saIe and eHecIive generic drugs.
10
Table 3 US FDA - ANDA Approvals
Year No. of Approvals
2006 347
2007 476
2008 458
2009 457
2010 401
2011 420
2012 467
2013 396
Patent Expiries
AHer hiIIing a peak in ?0!?, paIenI expiries in Ihe US have
nornalised Io nore noderaIe levels. Drugs going oH-
patent contribute to incremental growth of the US generic
market. While patent expiries are lessening, the low share
of Indian generic players in the US implies potential for
future growth.
EU5*: The EUS pharnaceuIical narkeI size was around
US$ !49 billion in ?0!?, buI EUS's conIribuIion Io
the global spending pie is likely to come down from
15% in 2012 to 13% in 2017. Loss of patent protection,
governments austerity measures due to the economic
crisis and restricted use of innovative launches impacted
Chart 5 US - Patent Expiries
(6)
40
30
20
10
0
U
S
$

B
n
74 73
2008
19
2010
19
2011
20
2012
35
2013
15
2014
19
2015
22
2016
17
2009
16
Vial Filing Machine, Halol
Ihe overall growIh in Ihese narkeIs in Ihe lasI Ive years.
PharnaceuIical spending growIh in Ihe EUS is expecIed Io
be 0-3% for the period 2013-2017, in comparison to 2.4%
during 2008-2012. The market size is estimated to reach
US$ 140-170 billion in 2017.
(*Germany, France, Italy, Spain and UK)
11
Analysis Report
Table 4 EU5 - Country-wise Spending
(1)
Market value by
2017 (US$ billion)
CAGR growth,
2013-17 (%)
France 30-40 (-2)-1
Germany 41-51 1-4
Italy 23-33 0-3
Spain 13-23 (-4)-(-1)
UK 20-30 1-4
Table 5 Pharmerging Market Spending
(1)
Market size 2017
(US$ billion)
2013-17 CAGR
(%)
China 160190 14-17
Tier 2 90110 10-13
Brazil 38-48 11-14
Russia 23-33 8-11
India 22-32 11-14
Tier 3 100-130 5-8
Japan: Japans pharmaceutical market contributed around
12% of the global pie in 2012. In 2010, the Japanese
government embarked on healthcare reforms, with the
objective of increasing the penetration of generic drugs in
the country.
The market size is projected to reach US$ 90-120 billion
by 2017. Spending growth will be in the range of 2-5%
with gradual increases, but partly impacted by the
expected gradual increase in generic volumes due to the
governments biennial price cuts. Premium pricing is
expected to sustain only for drugs delivering substantial
innovation over existing therapies or for drugs which target
complex/unmet medical needs.
Pharmerging markets**: While the emerging markets
are likely to be the main growth drivers of the global
pharmaceutical industry over 2012-17, the pharmerging
markets are to be the main contributors to this growth.
The size of the pharmerging markets is expected to reach
US$ 370-400 billion by 2017 from US$ 224 billion in 2012,
growing at a rate of CAGR of 10-13%. China, Brazil, and
India will be the key contributing countries, driven by
factors like rising income levels, healthcare reforms and
increased access to medicines.
The pharmerging markets are forecasted to contribute
around 31% to the total market share of the industry by
2017, driven by economic growth, coupled with changes in
public health policy responses and demography. Spending
on generics in these markets is estimated to rise from 58%
in 2012 to 63% of the overall pharmerging market spend in
2017, reaching a market value of US$ 233-252 billion by 2017.
(**China, Brazil, India, Venezuela, Poland, Argentina, Turkey, Mexico,
Vietnam, South Africa, Thailand, Indonesia, Romania, Egypt, Pakistan,
Ukraine, Algeria, Colombia, Nigeria, Saudi Arabia and Russia)
ACTIVE PHARMACEUTICAL INGREDIENTS (API)
(7)
The global API market size stood at US$ 113 billion in 2012
as against US$ 91 billion in 2008. It is expected to grow
further at a CAGR of around 8% during 2012-2017, owing
to patent expiries, increase in outsourcing and demand for
potent and biogeneric APIs.
WiIh sIiH conpeIiIion in Ihe global APl narkeI, a
signiIcanI proporIion oI APl producIion is ouIsourced Io
China and India - two of the largest API markets in
the world.
INDIAN PHARMACEUTICAL SECTOR
The Indian pharmaceutical market is estimated to reach
US$ 22-32 billion by 2017 compared to US$ 14 billion in
2012, establishing India as the 11th largest market by 2017,
compared to its 13th position in 2012.
Crisp facts
(1, 7, 4, 8)
Ranked thirteenth in terms of value in the global
pharmaceutical industry in 2012
Fourth largest among the pharmerging markets in
terms of market size in 2012
Projected to grow at a CAGR of 11-14% during 2013-2017
One of the key exporters to the US and other markets -
the highest number of US FDA approved manufacturing
facilities outside USA.
Indian pharmaceutical companies received over 150
ANDA approvals from US FDA during 2013, accounting
for approximately 38% of the total approvals.
12
The Indian pharmaceutical industry received foreign direct
investments (FDI) worth around US$ 11.95 billion during
April, 2000 to September, 2013
Exports
(8)
The pharmaceutical exports from India during 2012-13
stood at US$ 14.6 billion, witnessing an increase of US$ 1.4
billion from 2011-12. Indian pharmaceutical sector exports
are likely to reach US$ 25 billion by 2016.
Demand drivers
(9, 10)
Rising spend on healthcare: Total annual healthcare
spending is expected to more than double to US$ 201.4
billion, growing at an average annual rate of 15.8% during
2012-2017. Healthcare spending is estimated to be around
0.5% of GDP in 2013.
Growing health insurance coverage: The Indian
government plans to bring 80% of Indias population
under health insurance cover under its Health Insurance
Table 6 Chronic Therapies Contribution
(9)
Therapy Contribution (%) Growth in
2013 (%)
2010 2013
Acute 73 70 9.6
Chronic 27 30 14.0
Vision 2020. This will lead to higher volumes for the
pharmaceuticals industry.
Growing incidence of chronic diseases: Chronic therapies
have grown at a faster pace than that of traditional acute
therapies over the past four years. Their contribution in
the Indian pharmaceutical market escalated from 27% in
2010 to 30% in 2013. Lifestyle changes, rapid urbanisation
and increasing aHuence are IacIors which are expecIed Io
drive it further.
Fluid Bed Dryer, Halol
13
Analysis Report
Rapid urbanisation: An increase in urban population
from 31% to 40% or more by 2030 will see better
accessibility, with which will come with rapid urbanisation
and the growth of the pharmaceutical industry.
Industry concerns
Regulatory challenges
The Indian pharmaceutical market has its own set of
regulatory challenges in the form of:
Government-mandated price controls
Delay in new product approvals
Delay in clinical trial approvals
Uncertainties over FDI policy
These concerns act as a deterrent to the growth of the
industry.
Manufacturing quality
India is attracting greater scrutiny from the US FDA in
relation to cGMP compliance, owing to the fact that it is the
largest drugs supplier to the US. Indian companies will have
to conform to standards at par with the global benchmarks.
This will involve continuous improvement in systems
and processes and training of the workforce to ensure
compliance to such standards.
SUN PHARMA RANBAXY MERGER
A Landmark Transaction
AI Sun Pharna, we have Iaken a signiIcanI iniIiaIive Io
enhance shareholder value for the future. We are in the
process oI acquiring Panbaxy LaboraIories LiniIed, lndia's
leading company in sales, in one of Indias largest M&A
transactions. The deal, an all-stock transaction valued at
US$ 4 billion, is expected to be completed by December
2014. Ranbaxy shareholders will receive 0.8 share of Sun
Pharma for each Ranbaxy share.
Enhancing stakeholder value
The conbinaIion has Ihe poIenIial Io generaIe signiIcanI
value for shareholders:
The new enIiIy will energe as Ihe world's IHh largesI
specialty generic pharmaceutical company with a
diverse, highly complementary portfolio of specialty
and generics (with minimal overlap) targeting chronic
and acute treatments globally. The entitys global
presence across 55 markets will be supported by over
40 manufacturing facilities and capabilities across
multiple dosage forms, including specialty branded
products and complex generics.
In the US, the merged entity will become No.1 in the
generic dermatology market and No. 3 in the branded
dermatology market with products to treat Actinic
Keratosis, Anti-Fungal, Acne and steroids for other
treatments. Post-merger, the overall pro-forma US
revenues of the Company will be about US$ 2.2 billion,
with strong capabilities in developing complex products
through a broad portfolio of 184 ANDAs pending US
FDA approval, including high-value FTF (FirsI-Io-Ile)
opportunities.
In India, the merger will lead to Sun Pharma becoming
the largest pharmaceutical company with over 9%
market share, enhancing value share across product
oHerings and narkeI IerriIories. lI will be ranked No.!
by prescripIions across !3 diHerenI classes oI specialisI
docIors in lndia. Besides, Ihe Panbaxy acquisiIion will
give it a competitive edge in acute care, hospitals and
OTC businesses with robust brands. It will have 31 brands
among Indias top 300 brands and a greater distribution
reach. The merger will also create a foundation for the
OTC business in India. Pro-forma revenues of the merged
entity in India will be about US$ 1.1 billion.
Analytical Lab, Dissolution Testing, Vadodara
14
With Sun Pharmas proven complex product capabilities
and Ranbaxys strong global footprint, it will have a
strong product pipeline and established presence in
key high-growth pharmerging economies like Russia,
Romania, South Africa, Brazil and Malaysia. Along with
this the merged entity will have the combined pro-
forma revenues of about US$ 0.9 billion in emerging
markets. In some of these markets, the combined
entity will have sales exceeding US$ 100 million each.
The enhanced footprint across multiple markets will
oHer opporIuniIies Ior cross-selling and beIIer brand
building.
On a pro-forma basis, the merged companys revenues
are estimated at US$ 4.2 billion for calendar year CY
2013. The overall business will be much more balanced
with 47% of sales contributed by the US, 22% of it
coming from India and around 31% coming from the
rest of the world and other businesses.
Pro-Iorna EBlTDA will be US$ !.? billion Ior Ihe Iwelve-
month period ended 31st December, 2013.
Transaction value implies a revenue multiple of 2.2x,
based on 12 months ended 31st December, 2013.
Post-deal closure, the merged entity targets to
generaIe synergy beneIIs, oI abouI US$ ?S0 nillion
by the third year - driven by a combination of revenue,
procurement, supply chain and other cost synergies.
AHer deal closure, Daiichi Sankyo will becone Ihe second
largest shareholder in Sun Pharma (owning approximately
9% stake in Sun Pharma) and will have the right to
nominate one Director to Sun Pharmas Board of Directors.
It has agreed to indemnify Sun Pharma and Ranbaxy
for, among other things, certain costs and expenses that
may arise from the recent subpoena, which Ranbaxy has
received from the United States Attorney for the
Toansa facility.
Daiichi Sankyo (which holds approximately 63.4% of the
outstanding shares of Ranbaxy) and the Promoters of Sun
Pharma (who hold approximately 63.7% of the outstanding
shares) have irrevocably agreed to vote in favour of the
transaction. Both the Ranbaxy and the Sun Pharma Boards
have recommended approval of the transaction to their
respective shareholders.
The transaction closure will be subject to the usual closing
conditions, including approval by the following authorities:
the Government of India; the High Courts of Gujarat,
Punjab and Haryana; anti-competition authorities in India
and a Iew oIher narkeIs, Ihe NaIional SIock Exchange oI
lndia, The Bonbay SIock Exchange and expiraIion oI Ihe
waiting period under the Hart-Scott-Rodino Anti-trust
Improvement Act in the United States.
Credible track record of successful turnarounds
One of the major challenges for Sun Pharma in this
acquisiIion will be Io inprove Panbaxy's overall growIh and
proIIabiliIy.
Sun Pharma has a robust track record of turning around
iIs acquisiIions inIo success sIories by enabling business
and operational strategies and building supply chain
eHciencies, and Panbaxy is likely Io be a najor challenge.
Sun Pharna's abiliIy Io juggle diHerenI businesses and
multiple cultures is likely to help in this transformation.
The Company leverages complementary functional
strengths to achieve top line growth and gains through
boIh revenue enhancenenI and cosI eHciencies -
translating into higher margins, greater market share and
nore operaIing proIIs.
There were eighI successIul acquisiIions in Ihe period
1996-07 till 2000-01. Sharp increases in net sales and
EBlTDA across iIs acquisiIions like Taro, DUSA and UPL
narked Ihe lasI decade. The Conpany acquired Taro in
?0!0 and was able Io enhance Ihe EBlTDA Iron US$ !0S
million to US$ 400 million within three years by focusing on
Iop line growIh and beconing nore eHcienI. The payback
Iron Sun Pharna's UPL acquisiIion has been nuch IasIer
than expected.
API Unit, Panoli
15
Analysis Report
SUN PHARMACEUTICAL INDUSTRIES LIMITED
(SUN PHARMA)
Sun Pharmaceutical Industries Ltd is currently the
IHh largesI global specialIy pharnaceuIical conpany
manufacturing and marketing a variety of pharmaceutical
formulations as branded generics, as well as generics in the
US, India and several other global markets.
In India, the Company is a leader in niche therapy
areas of psychiatry, neurology, cardiology, nephrology,
gastroenterology, orthopaedics and ophthalmology. It has
expertise in product development, process chemistry and
manufacture of complex dosage forms and APIs.
Major business segments
US Generics
Indian Branded Generics
International Branded Generics (Rest of the world,
except the US)
Active Pharmaceutical Ingredients (API)
> 50
Markets addressed
>14,000
Global Team
25
Manufacturing facilities
across four continents
>1,000
Products marketed
Strategy and Approach
Sun Pharmas strategy and business approach is
underpinned by the following:
Create sustanabIe revenue and cash How stream:
Ensuring susIainable growIh in revenues and cash Iows
is one of the key objectives. The Company achieves this
by IargeIing conplex}diHerenIiaIed producIs in key
markets; focusing on fast-growing chronic therapies
and timely product launches
BaIance protabIty and future nvestments:
Achieving a pragmatic balance between current
proIIabiliIy and IuIure invesInenIs Ihrough iIs
unwavering focus on developing complex products
coupled wiIh a sIrong Irack record oI acquiring and
turning around underperforming businesses.
Cost leadership: Rationalising cost through vertical
integration, optimisation of operational expenses and
strengthening back-end and supply chain linkages
Analytical Lab, HPLC, Mumbai
16
Operational performance, FY14
Strong performance: Consolidated revenues for FY14
grew 42% over FY13 to ` !6? billion, while EBlTDA grew
by 45% to ` 71 billion. The constant currency revenue
growth guidance for FY14 was upgraded twice during
the year from 18-20% to 29%. The strong performance
was mainly driven by:
A signiIcanI escalaIion in US revenues, which grew
59% and contributed about 60% to overall revenues
- was led by increased contribution from complex
generics, sIrong proIIabiliIy aI Taro, Iavourable
pricing for certain products and contribution from the
180-day exclusivity for generic Prandin. The Ranbaxy
acquisiIion will IurIher sIrengIhen Sun Pharna's
positioning in the US branded market as well as
enhance its overall product portfolio in the US.
The India formulations business recorded 25%
growth, despite the implementation of the new
pricing policy and related trade channel disruptions.
The Panbaxy acquisiIion is likely Io IurIher
strengthen Sun Pharmas pan-India presence, as it
will enable the merged entity to be ranked no.1 by
prescripIions wiIh !3 diHerenI classes oI specialisI
doctors and facilitating its entry into Indias OTC
business with a few strong brands.
Our Rest of World (RoW) business recorded 25%
growth over FY13, led by a strengthening presence
in key narkeIs. The Panbaxy acquisiIion is likely
Io signiIcanIly enhance Sun Pharna's presence
in these markets and enable its entry into
new markets.
Ramp-up in specialty revenues: The Company
continues to build its specialty revenues in the US,
aided by a ramp-up in sales of generic Doxil and DUSA
revenues - being the only company in the US market,
with a US FDA approved version of generic Doxil. It
also beneIIed Iron Ihe supply consIrainIs Iaced by Ihe
innovator.
Taro: Taro reported good performance despite increasing
competition. For FY14, Taros top line grew by 13% to
US$ 7S9 nillion, while EBlTDA grew by ?9 Io US$ 447
nillion. EBlTDA nargins have expanded by 730 bps Io
S9 Ior Ihe year. Taro's neI proII Ior FY!4 inproved
by 35% to US$ 360 million. The good performance was
catalysed mainly by favourable sale prices throughout
the year, which also witnessed a gradual increase in
competition for some of Taros products. The competition
for some of Taros products may intensify in future.
DUSA business scaling up: Sun Pharna had acquired
DUSA in the US in December 2012, giving it access
to a branded patented product. DUSA revenues
have gradually started scaling up, led by increasing
penetration with dermatologists and gradual price
increases.
Chart 6 Key Financial Indicators
(` billion)
Net Sales EBITDA Net ProHt
98-99
3.3
03-04
9.8
08-09
42.7
13-14
160.0
98-99
0.7
03-04
3.9
08-09
18.6
13-14
71.1
98-99
0.6
03-04
3.1
08-09
18.2
13-14
31.4
17
Analysis Report
Sun-intrexon joint venture: As parI oI iIs eHorIs
to establish a long-term specialty portfolio, Sun
Pharma has entered into a joint venture with Intrexon
Corporation (USA) to develop controllable gene-based
therapies to treat ocular diseases that cause partial or
total blindness in millions of people worldwide. Initial
targets are dry age-related macular degeneration
(AMD), glaucoma and retinitis pigmentosa. The joint
venture will leverage Sun Pharmas global capabilities
and experience in developing and manufacturing
specialty pharmaceuticals for niche therapy areas.
Ramp-up in URL: FY!4 was Ihe IrsI Iull year oI
consolidaIion oI Ihe US-based UPL acquisiIion.
Favourable producI pricing enabled signiIcanI ranp-
up in URLs revenues with the relaunch of some of
the discontinued products from URLs portfolio. The
February ?0!3 acquisiIion broadens Sun Pharna's US
product portfolio, besides giving access to two US FDA
approved facilities.
Generic Prandin exclusivity in the US: Sun Pharmas
US business beneIIed Iron Ihe one-Iine upside oI
180-day exclusivity on generic Prandin, which expired
in January 2014. By virtue of its successful patent
challenge, it enjoyed the First-to-File (FTF) status and
was the only generic player in the US market for 180
days in FY14. Post exclusivity, other generic players
have also launched their versions of the product.
Generic Gleevec settlement: In May 2014, one of Sun
Pharmas subsidiaries executed a settlement agreement
with Novartis Pharmaceuticals Corporation, stipulating
a disnissal oI Ihe lawsuiIs Iled in Ihe US againsI Ihe
Company regarding submission of an Abbreviated
New Drug Application (ANDA) for a generic version
of Gleevec, ImatinibMesylate tablets. Indicated for
the treatment of chronic myeloid leukemia and having
annual sales of about US$ 2 billion in the US market,
a generic version of these Gleevec tablets is to be
launched by Sun Pharmas subsidiary in February, 2016,
under the terms of the settlement.
US FDA Approvals: Received a total of 26 Abbreviated
New Drug Applications (ANDA) approvals from the US
FDA, including approvals for Repaglinide, Testosterone
Cypionate Injections, TopotecanHCl Injection,
Duloxetine HCl capsules, Temozolomide capsules, and a
few controlled substances.
Strengthening senior management team: Sun
Pharma consistently nurtures internal talent and is in
the process of expanding the pool of capable people to
drive growth. In FY14, the Company reinforced its senior
management team by attracting national and global
talent for its key functions.
Strengthening the Board of Directors: In February
2014, Sun Pharma strengthened its Board of Directors
by appointing Ms. Rekha Sethi as an additional
Independent Director. Ms. Sethi is the Director General
of the All India Management Association (AIMA),
Indias apex body for management. She is associated
with the following organizations: Indo-Netherlands
Joint Working Group on Corporate Governance and
Corporate Social Responsibility, under the Ministry
oI CorporaIe AHairs, GovernnenI oI lndia, Advisory
Board of the Switzerland-based St Gallen Foundation
thinktank, Leaders of Tomorrow Knowledge Pool.
She had also worked with the Confederation of Indian
Industry (CII) for over 17 years before joining AIMA.
Settling the generic Protonix patent litigation in
the US: The Company has settled the patent litigation
in the US regarding generic Protonix with Wyeth and
AIlanIa Pharna AG and paid US$ SS0 nillion Io PIzer as
part of the settlement. Sun Pharma can continue to sell
its generic Protonix in the US.
Karkhadi facility: In May 2014, the Company received
a warning letter from the US FDA for its cephalosporin
facility located at Karkhadi, Gujarat, India. This letter was
Freeze Dryer, Halol
18
a follow-up to the import alert issued by the US FDA for
this facility in March, 2014, identifying some practises
at the facility, which are non-compliant with current
Good Manufacturing Practice (cGMP) regulations.
The Company remains fully committed to compliance
and has already initiated several corrective steps to
address the US FDAs observations. It is committed to
working cooperatively and expeditiously with the USFDA
to resolve matters indicated in its letter. However, the
USFDA might withhold approval of pending new drug
applications from the facility until resolution of the issue.
However, the contribution of this facility to Sun Pharmas
consolidated revenues is negligible.
Table 7 Financial Performance
(` in million)
Year 2013-14 2012-13 Growth (%)
Net Sales 160,044 112,389 42
EBlTDA 71,141 49,063 45
PBT beIore ExcepIional lIen 71,432 49,428 44
ExcepIional lIen 25,174 5,836
PBT aHer ExcepIional lIen 45,816 43,149 6
NeI proII aHer NinoriIy lnIeresI 31,414 29,831 5
AdjusIed proII aHer NinoriIy lnIeresI (excluding excepIional
items)
56,589 35,666 58
AdjusIed EPS (`) 27.3 17.2 58
Table 8 Revenue Break-up
Business Segment For the year ended
31st March, 2014
For the Year ended
31st March, 2013
US Generics 60% 54%
India Branded Generics 23% 26%
International Generics (Rest of the world, except the US) 12% 13%
Active Pharmaceutical Ingredients (API) & Others 5% 7%
Table 9 Revenue Break-up
(` in Million)
Business Segment For the year ended
31st March, 2014
US Generics 97,844
Indian Branded Generics 36,918
International Generics (Rest of the world, except the US) 19,084
Active Pharmaceutical Ingredients (API) & Others 8,148
19
Analysis Report
BUSINESS SEGMENTAL REVIEW
US Generics
Divisional Highlights
Financial
Revenues increased from ` 61,537 million in FY13 to
` 97,844 million in FY14, a 59% growth, driven by:
Increased contribution from Complex generics
Favourable pricing for some products
Full-year consolidation of the DUSA and URL
acquisiIions
The 180-day exclusivity on generic Prandin and
A favourable currency
Revenue contribution from this geography increased to
60% in FY14 compared to 54% for FY13.
Operational
As on 31st March, 2014, ANDAs for 134 products await
approval, including 12 tentative approvals. This is one
of the strongest pipelines amongst Indian companies.
For FY!4, Ihe Conpany Iled ?7 ANDAs and received
approval for 26 from the US FDA.
The Company is in the process of gradually increasing
the penetration of DUSAs portfolio with US
dermatologists. It is also gradually re-launching some of
the discontinued products from URLs product basket.
EHorIs Io sIrengIhen Taro's IuIure pipeline conIinues.
lIs annual P&D spend has increased signiIcanIly over
the past three years from approximately US$ 30 million
to the US$ 55 million for FY14. As of 31stMarch 2014,
Taro had a pipeline of 27 ANDAs pending approval from
the US FDA.
Caraco
The entire US operations of Sun Pharma, except Taro,
are now consolidated under Caraco. For FY14, Caraco
performed well, aided by the distribution of Sun Pharmas
portfolio in the US and the addition of URL and the DUSA
businesses. URLs performance was partly boosted by
Iavourable producI pricing. EHorIs are on Io re-launch
some of URLs discontinued products in the US market.
Injectable Unit, Halol
60%
Revenue contribution
from US geography
344
Cumulative ANDAs
approved
478
CunulaIive ANDAs Iled
45%
5-year revenue CAGR
As of 31st March, 2014
20
While Caraco continues to distribute Sun Pharmas
products in the US, as a part of its manufacturing
consolidation, the Company has closed its Detroit facility.
The products manufactured here are being transferred to
other units to avoid market shortage. The impact of this
closure on the overall revenues of Sun Pharma will
be negligible.
Ramping-up DUSA
Following Ihe acquisiIion oI DUSA (USA) in Decenber ?0!?,
eHorIs have been iniIiaIed Io ranp-up iIs operaIions.
DUSAs drug-device combination for treating Actinic
Keratosis (AK) has the potential to improve its market
share in the US AK market. The Company is improving
its penetration with dermatologists by increasing the
coverage of these specialists and the usage of its products
in AK treatment.
Pillars of growth
The Company continues to focus on enhancing its
pipeline of complex/specialty products for the US
market. Over the past few years, it has developed/
acquired Ihe capabiliIy Io synIhesise and connercialise
products across a range of dosage forms including
injecIables, nasal sprays, liquids, oinInenIs, IableIs
and capsules, among others. The Company has a wide
product basket, including a prudent mix of specialty/
conplex generics, Para-lV Ilings and nornal generics.
It has 134 ANDAs pending approval with the US FDA.
This pipeline is expected to be one of the key drivers of
future growth.
Sun Pharma has demonstrated a strong track record of
enhancing Ihe growIh and proIIabiliIy oI acquired asseIs,
especially in the US market. It continues to evaluate
poIenIial acquisiIions, which can generaIe shareholder
wealth in the medium-to-long term. The proposed
acquisiIion oI Panbaxy is also a sIep in Ihis direcIion.
Sun Pharma, along with its subsidiaries, currently has
!0 US FDA-approved IornulaIion IaciliIies, oI which Ive
are in the US, two in India and one each in Canada, Israel
and Hungary. This is one of the largest US FDA-approved
manufacturing infrastructure amongst Indian companies.
The Companys patents, together with those of Taro,
have reached S73 Ilings and 346 were granIed paIenIs
as of 31st March, 2014.
Chart 7 US-Therapy-wise ANDA Approvals as of 31st March, 2014
94
86
43
30
29
21
19
11
6
5
S
k
i
n
C
N
S
C
V
S
P
a
i
n

O
t
h
e
r
A
l
l
e
r
g
y
O
n
c
o
l
o
g
y
M
e
t
a
b
o
l
i
s
m
C
o
u
g
h

/

C
o
l
d
U
r
o
l
o
g
y
Note Taros ANDAs added since March 2011 & URLs ANDAs added since March, 2013
(Nos.)
21
Analysis Report
Road ahead
FuIure Iocus will be on building a diHerenIiaIed
specialty product basket, foraying into products that
yield sIable and consisIenI cash Iows.
The strong pipeline of 134 ANDAs will be a key
conIribuIor Io IuIure growIh. A signiIcanI porIion oI
this pipeline will be backward integrated through in-
house API capabilities.
The Company continues to be on the lookout for value-
enhancing inorganic opportunities in the US market.
Formulation Plant, Halol
Chart 8 US - ANDA Pipeline
Mar-09
177
69
Mar-10
207
84
Mar-11
377
225
Mar-12
397
250
Mar-13
449
311
Mar-14
478
344
Note Taros ANDAs added since March 2011 & URLs ANDAs added since March, 2013
Cumulative Products Filed Cumulative Products Approved
(Nos.)
22
Financial
` 36,917 million in FY14, a 25% growth. This growth has
been achieved, despite the implementation of the new
pricing policy and related trade channel disruptions.
Revenue contribution from India reduced from 26% in
FY!3 Io ?3 in FY!4 due Io signiIcanI growIh in Ihe US
business and a favourable currency, which helped the
export revenues.
Market share on moving annual total (MAT) basis
increased from 4.8% for March 2013 to 5.4% for March
2014 according to AIOCD AWACS.
It continues to be ranked no. 1 based on its share of
prescriptions with seven classes of specialists, for
example psychiatrists, neurologists, cardiologists,
ophthalmologists, orthopaedicians, nephrologists and
gastroenterologists. The Sun Pharma Ranbaxy merged
entity will be ranked no. 1 with 13 classes of specialists.
Operational
The Company currently has an empowered team of
medical representatives (MR) promoting its products
and building relationships with doctors. A team of
4,000-plus MRs, including managers, cover about
140,000 specialist doctors across the country.
Launched 16 products in FY14 including several
technology-based products
Enjoys sIrong posiIioning in chronic segnenIs, such
as CNS, CVS and diabetology, together accounting
for more than 50% of Sun Pharmas India formulation
revenues as per AIOCD-AWACS.
For FY14, the top 10 brands contributed about 20% to
domestic formulation sales
API Unit, Panoli
Chart 9 India Formulations Therapeutic Break-up
(12)
26
19
14
11
8
7
5
5
4
Neuro-Psychiatry
Diabetology
Musculo-Skeletal
& Pain
Cardiology
Gynecology Urology
Opthalmology
Gastroenterology
Others
Antiasthamatic &
Antiallergic
(%)
India Branded Generics
23%
TOP 3
In over 50% of more than
500 brands
2nd
Largest domestic drug
maker by market share
14%
LasI Ive-year revenue
CAGR
23
Analysis Report
Table 10 Sun Pharma Prescription Rankings
(13)
Therapeutic
segments
Ranking for
October 2010
Ranking for
October 2013
Psychiatrists 1 1
Neurologists 1 1
Cardiologists 1 1
Orthopaedics 1 1
Ophthalmologists 1 1
Gastroenterologists 1 1
Nephrologists 2 1
Diabetologists 2 2
Chest Physicians 4 5
Consultant
Physicians
3 5
Gynaecologists 6 7
Dermatologists 14 7
Oncologists 9 7
Urologists 8 12
Growth Pillars
The Conpany conIinues Io enjoy high brand equiIy
with the doctor community. It is ranked no. 1, based
on the share of prescriptions by seven specialist
classes: psychiatrists, neurologists, cardiologists,
ophthalmologists, orthopaedics, nephrologists and
gastroenterologists thus imparting immense strength
to the Companys India business. As per AIOCD-AWACS
study, these segments contribute more than 70% of
Sun Pharmas India formulation revenues.
Market leader in chronic segments These segments
are expected to grow faster than the acute segments,
given the changing life-style of the Indian population.
PosI Ihe closure oI Ihe Panbaxy acquisiIion, Ihe
Company will have strong positioning in the acute
segment as well, thus expanding its presence across
many more therapeutic segments.
ExIensive producI coverage - Iron older nolecules Io
the latest molecules for relevant therapeutic segments.
This broad portfolio helps ensure that the Company is
able to cater to the demand for most products.
Chart 10 Consistent Increase in Market Share in India
(11)
DRL Torrent Ipca Cadila Wockhardt Lupin Cipla Ranbaxy Sun
200
150
100
50
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
24
Road ahead
The Companys future focus will continue to be on
strengthening customer relationships, brand building and
expanding product portfolio through a combination of
internal development and potential in-licensing opportunities.
Financial
` 19,084 million in FY14, a growth of 25%.
Segmental revenue contribution was 12% of total
revenues for FY14, compared to 13% for FY13. The
contribution has declined marginally, despite good
overall growth due to the strong US growth revenues,
which increased US conIribuIion signiIcanIly.
Operations
Sun Pharma supplies its products to 48 international
markets, including the emerging markets.
Table 11 Top 10 Brands Contribute
about 20% of India sales
(11)
Brands Therapies
Pantocid Proton pump inhibitor/ anti-ulcerant
Gemer Oral anti-diabetic
Susten Womens healthcare
Levipil CNS
Pantocid-D Proton pump inhibitor/ anti-ulcerant
Aztor CVS, cholesterol reducing agent
Glucored Group Oral anti-diabetic
Istamet Anti-diabetic
Rozavel CVS
Montek-LC Respiratory
International Generics (ex-US)
12%
900+
Products marketed
48
Market presence
38%
5-year revenue CAGR
Future markets for particular focus will include Latin
America, Russia & CIS, South Africa and a few Asian
markets.
The Company plans to replicate its specialty product
basket in these markets, including technology-based
products.
Growth pillars
Sun Pharmas product portfolio spans over 48
countries; plans to replicate its specialty pipeline,
including technologically complex products in some of
these markets to tap the market potential
QC Lab, Ahmednagar
25
Analysis Report
Active Pharmaceutical Ingredients (API)
5%
8
World class facilities, accredited
by ISO 14001 and ISO 9002
256
DNF} CEP Iles
11%
5 year revenue CAGR
Financial
` 8,010 million in FY14, a 6% growth
Revenue contribution from the division reached 5% for
FY14 compared to 7% for FY13.
Operational
Filed !S DNF} CEPs
Six DMFs have been approved (including Taro)
CurrenIly has a IoIal oI eighI APl IaciliIies, oI which Ive
are US FDA approved.
The India-based manufacturing facilities have dedicated
units for peptides, anti-cancer, steroids and sex
hormones. The API facility in Tennessee, USA has the
capability to manufacture controlled substances.
Growth pillars
The API business continues to be largely used for
vertical integration on key products. It imparts the
much-needed competitive advantage to the Companys
formulations business, particularly for the US market.
ExIernal APl sales accounI Ior a IracIion oI Ihe IoIal APl
production.
The Company markets products across more than
48 countries; products are sold to large generic or
innovator companies
Major markets include primary pharmerging markets,
such as Mexico, Brazil, Russia & CIS, South Africa
and Asia
Markets are penetrated by a diverse product basket
manufactured at the Companys approved plants in India;
also has manufacturing facilities in Brazil, Mexico and
Bangladesh Io conply wiIh local regulaIory requirenenIs
Road Ahead
The focus ahead will be on enhancing the Companys
presence in key emerging markets led by chronic therapies
like the metabolic syndrome, diabetes, neurology and
cardiology. Besides, the Company is focusing on expanding
its presence to new geographies, organically and through
partnerships. It currently has about 300 products awaiting
regulatory approvals in these markets.
Manufactures over 170 specialty APIs, most of which are
used in-house to manufacture formulations
Most facilities have in-place approvals from US FDA/
Europe}AusIralia
Scales up over 25 API processes annually
Road Ahead
Ensure long-Iern conpeIiIiveness oI Ihe IornulaIions
business through strong backward integration
EsIablish long-Iern conIracIs wiIh cusIoners in
regulated markets for sustainable revenue growth and
margins
API Plant, Ahmednagar
26
Table 12 Research and Development Investments
(` in million)
FY10 FY11 FY12 FY13 FY14
ExpendiIure on P&D 2,242 3,313 4,449 7,042 10,418
P&D ExpendiIure as oI Pevenue 6.0 6.0 6.0 6.0 6.5
RESEARCH & DEVELOPMENT ENDEAVOURS
Sun Pharna's P&D eHorIs are driven by Ihe Conpany's
overall objecIive oI ensuring susIainable and proIIable
growIh by a consisIenI Iocus on developing diHerenIiaIed
specialty products across multiple dosage forms. The
Companys R&D investment provides crucial support to
strategies for manufacturing new products.
Most of the product and process development is
undertaken at the Companys R&D centres at Vadodara
and Mumbai with the help of a strong team of about 800
scientists across locations. Sun Pharmas R&D capabilities
R&D Centre, Vadodara
span Ihe developnenI oI diHerenIiaIed producIs, such as
liposomal products, inhalers, lyophilised injections, nasal
sprays, besides developing controlled release dosage
forms. Taros R&D centres are located in Israel and Canada
At the Vadodara R&D centre, the Company develops
conplex APls and dosage Iorns Ior lndia, Ihe US, Europe
and ROW markets. The Mumbai R&D centre develops
diHerenIiaIed dosage Iorns and generics Ior developed
narkeIs like Ihe US and Europe. The group aI HaiIa Bay
(Israel centre) works on API and product development.
27
Analysis Report
478
CunulaIive ANDAs Iled
256
DNF } CEP cunulaIive
applicaIions Iled
344
Cumulative ANDAs
approved
174
DNF } CEP cunulaIive
applications approved
573
Total patent applications
submitted
27
ANDAs Iled in FY!4
346
Total patents granted
26
ANDAs approved in FY14
15
DNFs Iled in FY!4
6
DMFs approved in FY14
QUALITY STANDARDS
In the pharmaceutical business, ensuring the highest
qualiIy sIandards is an inporIanI pre-requisiIe. Sun
Pharmas operations are driven by best-in-class technology
and processes, abiding by all major stringent regulatory
approvals. The Companys global Quality Management
Team ensures that every product manufactured and
distributed complies with internationally accepted
sIandards oI qualiIy, puriIy, eHcacy and saIeIy.
To nainIain qualiIy sIandards, each planI has well-
deIned procedures and sysIens in conpliance wiIh Ihe
cGNP requirenenIs - Ihus ensuring IhaI Ihe Conpany's
operating procedures continue to meet demanding
regulaIory sIandards like US FDA, ENEA, NHPA and TGA,
among others.
QualiIy sysIens are well-deIned and validaIed Io ensure
consistency in deliveries. Quality units are independent
of other operations like warehousing and engineering
supporI. Each siIe has well Irained personnel Ior qualiIy
conIrol along wiIh a regulaIory aHairs deparInenI,
ensuring sIricI adherence Io qualiIy sysIens and
procedures. The teams are guided by a Corporate Quality
Unit (CQU). CQU ensures that the latest updates in GMP are
being translated into Guidelines, SOPs and Protocols. The
team also ensures that these guidelines are implemented
Io deliver qualiIy producIs consisIenIly.
In addition, an independent Corporate Compliance
department audits the sites to strengthen all controls
and procedures Io IulIll Ihe goal oI ?4x7 conpliance.
Besides, systems are being improved in line with regulatory
requirenenIs Ior advanced qualiIy and saIeIy.
The Company has recently received a warning letter from
the US FDA for its Karkhadi facility citing non-compliance
with some cGMP norms. Details of this development are
discussed in prior sections of this report.
28
HUMAN ASSETS
Human resources are the organizations most important
assets. Attracting relevant talent remains its key focus,
even as it continues to nurture leadership capabilities
it pays special attention to training, welfare and safety
of its people, strengthening its human capital. The total
employee strength as on 31st March, 2014 stood at over
14,000.
Growth across markets will need the right talent. The
Company has initiated a Speed Programme, in partnership
with the SP Jain Institute of Management and Research.
This is an education development programme, where
managers from various departments are selected for an
inIensive ExecuIive NBA course.
The Company has recruited several senior management
professionals across functions since an empowered team
has ensured its strong growth over the past decade. As the
Company gears up for the next growth phase, it becomes
imperative to strengthen its capabilities and also to get
external talent on board.
INTERNAL CONTROLS
Sun Pharna's deIned organisaIional sIrucIure,
docunenIed policy guidelines and adequaIe inIernal
conIrols ensure eHciency oI operaIions, conpliance wiIh
internal policies, applicable laws and regulations, protection
oI resources and asseIs and accuraIe reporIing oI Inancial
transactions.
The Companys philosophy on corporate governance
envisages working towards high levels of transparency,
accountability and consistent value systems across all
facets of operations.
It continuously upgrades its systems in line with the
best available practices. The internal control system is
supplemented by extensive internal audits, conducted
by independenI Irns oI CharIered AccounIanIs Io cover
various operations on a continuous basis.
DISCLAIMER
Statements in this Management Discussion and Analysis
describing the Companys objectives, projections, estimates,
expectations, plans or predictions or industry conditions
or events are forward looking statements within the
meaning of applicable securities laws and regulations.
AcIual resulIs, perIornance or achievenenIs could diHer
materially from those expressed or implied. Important
IacIors IhaI could nake a diHerence Io Ihe conpany's
operations include global and Indian demand supply
condiIions, Inished goods prices, IeedsIock availabiliIy
and prices, competitors pricing in the Companys principal
markets, changes in Government regulations, tax regimes,
economic conditions within India and the countries within
which the Company conducts businesses and other factors
such as liIigaIion and labour unresI or oIher diHculIies.
The Company assumes no responsibility to publicly
update, amend, modify or revise any forward looking
sIaIenenIs, on Ihe basis oI any subsequenI developnenI,
new information or future events or otherwise except as
required by applicable law. Unless Ihe conIexI oIherwise
requires, all reIerences in Ihis docunenI Io "we, "us or
our refers to Sun Pharmaceutical Industries Limited and
consolidated subsidiaries.
BIBLIOGRAPHY
(1) IMS Institute for Healthcare Informatics Report,
November, 2013
(2) IMS Institute for Healthcare Informatics Report,
June, 2013
(3) World Population Ageing 2009, UN
(4) 2014 Global Health Care Outlook, Deloitte
(5) www.obamacarefacts.com
(6) HSBC, Asia Healthcare Report
(7) www.pharmabiz.com
(8) TwelHh Pravasi BharaIiya Divas Engaging
Diaspora: Connecting Across Generations- FICCI
Knowledge Paper
(9) PWC Report, 2013
(10) McKinsey, BNP Paribas
(11) IMS Health
(12) AIOCD-AWACS, MAT March 2014
(13) Strategic Marketing Solutions and Research
Centre Pvt Ltd (SMSRC)
29-52
STATUTORY
REPORTS
Directors Report 30
Corporate Governance 36
30
DIRECTORS'
REPORT
Your Directors take pleasure in presenting the Twenty-Second Annual Report and Audited Accounts for the year ended
31st March, 2014
FINANCIAL RESULTS
(` in Million except dividend per share and book value)
Standalone Consolidated
Particulars Year ended
31st March,
2014
Year ended
31st March,
2013*
Year ended
31st March,
2014
Year ended
31st March,
2013
Total Income 29,882 26,683 166,326 116,880
(Loss) } ProII aHer Iax (28,285.2) 5,166 31,415 29,831
Dividend on Equity Shares 3,107 5,178 3,107 5,178
Corporate Dividend tax 528 880 528 880
Transfer to various Reserves NIL 520 NIL 520
Amount of dividend per equity share of ` 1/- each 1.50 2.50
#
1.50 2.50
#
Book value per equity share ` 1/- each 36 38
#
89 72
#
Previous year Igures Ior sIandalone are noI conparable, since currenI year Igures include Ihe eHecI oI nerger oI Ihe SpeciIed underIaking oI Sun Pharna
Global FZE, inIo Ihe Conpany wiIh eHecI Iron !sI Nay, ?0!3.
#
Post Bonus Issue
DIVIDEND
Your Directors are pleased to recommend an equity
dividend of ` 1.50 per equity share of face value ` 1/- each
(previous year ` 2.50 per equity share) for the year ended
31st March, 2014.
MERGER OF RANBAXY
AI Sun Pharna, we have Iaken a signiIcanI iniIiaIive Io
enhance shareholder value for the future. We are in the
process of acquiring Ranbaxy Laboratories Limited, Indias
leading Company in sales, in one of Indias largest M&A
transactions. The deal, an all-stock transaction valued at
US$ 4 billion, is expected to be completed by December
2014. Ranbaxy shareholders will receive 0.8 share of Sun
Pharma for each Ranbaxys share. Further details on the
merger, are provided in the Management Discussion and
Analysis report which forms part of this Report.
BONUS SHARES
The Company had on 3rd August, 2013 allotted
1,035,581,955 Equity Shares of ` 1/- each as Bonus Shares
to the Equity Shareholders of the Company in the ratio of
1 (One) Equity Share of ` 1/- each for every 1(One) Equity
Share of ` 1/- each held on the Record Date, being
30th July, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis on the
operations of the Company is provided in a separate
section and forms part of this report.
31
Directors Report
HUMAN RESOURCES
Your Company considers its employees as most valuable
resource and ensures strategic alignment of Human
Resource practices to business priorities and objectives.
The Company has a dedicated team of over 14,000
employees at various locations across our corporate
oHce, various P & D CenIers & ?S planI locaIions (including
Associate Companies) spread across three Continents.
Our constant endeavor is to invest in people and people
processes to improve service delivery to our customers.
Attracting the right talent and engaging them for high
performance is our focus, whereas we strive to provide
a great place to work to our human resources through
challenging and learning environment.
Information as per Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended, is available at the registered
oHce oI your Conpany. However, as per Ihe provisions
of Section 219(1)(b)(iv) of the said Act, the Report and
Accounts are being sent to all shareholders of the Company
and others entitled thereto excluding the aforesaid
information. Any shareholder interested in obtaining a copy
of this statement may write to the Company Secretary/
Conpliance OHcer aI Ihe CorporaIe OHce or PegisIered
OHce address oI Ihe Conpany.
INFORMATION ON CONSERVATION OF
ENERGY, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO
The additional information relating to energy conservation,
technology absorption, foreign exchange earnings and
outgo, pursuant to Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, is given in
Annexure and forms part of this Report.
CORPORATE GOVERNANCE
PeporI on CorporaIe Governance and CerIiIcaIe oI Ihe
auditors of your Company regarding compliance of the
conditions of Corporate Governance as stipulated in Clause
49 of the listing agreement with stock exchanges, are
annexed.
BUSINESS RESPONSIBILITY REPORT
The Business Responsibility Report of the Company for
the year ended 31st March, 2014, in line with Green
initiative, is made available on the website of the Company
(www.sunpharma.com) and forms part of the Annual
PeporI, and is kepI aI Ihe PegisIered OHce oI Ihe Conpany
for inspection. A copy of the aforesaid report shall be made
available to such of those shareholders who are desirous
and interested, upon receipt of a written request from
them.
CONSOLIDATED ACCOUNTS
In accordance with the requirements of Accounting
Standard AS-21 prescribed by the Institute of Chartered
Accountants of India, the Consolidated Accounts of the
Company and its subsidiaries is annexed to this Report.
SUBSIDIARIES
The NinisIry oI CorporaIe AHairs, GovernnenI oI lndia,
New Delhi has issued direction under Section 212(8) of
the Companies Act, 1956 vide general circular No.2/2011
dated 8th February, 2011 and in accordance with the
sane, Ihe Balance SheeI, Ihe ProII and Loss AccounI and
other documents of the subsidiary companies are not
being attached with the Balance Sheet of the Company.
The information relating to each subsidiary including
subsidiaries of subsidiaries, as required by the aforesaid
circular, is disclosed in the Annual Report. The Company
will make available the Annual Accounts of the subsidiary
companies and the related detailed information to any
member of the Company and its subsidiaries who may be
interested in obtaining the same. The annual accounts
of the subsidiary companies will also be kept open for
inspecIion by any invesIor aI Ihe PegisIered OHce &
CorporaIe } Head OHce oI Ihe Conpany and IhaI oI
the respective subsidiary companies. The Consolidated
Financial Statements presented by the Company include
Inancial resulIs oI iIs subsidiary conpanies also.
FINANCE
CPlSlL conIinued Io reaHrn iIs highesI raIing oI "AAA}
SIable and "A!, Ior your Conpany's Banking FaciliIies
throughout the year enabling your Company to avail
facilities from banks at attractive rates. The Company does
noI oHer any Fixed DeposiI Schene.
CORPORATE SOCIAL RESPONSIBILITY
Your Conpany has idenIiIed healIh, educaIion, livelihood,
disaster relief and civic utilities as the areas where
assistance is provided on a need-based and case-to-case
basis. Your Company persisted with participation in such
activities at the local, grassroot level during the year. In
Ihe pasI, supporI has been oHered Iowards disasIer relieI
as well as participation in the facilitation of civic utilities
around the Plants/Research Centers. Your Company
remains interested in these contributions.
DIRECTORS
Mr. Israel Makov, Director retires by rotation and being
eligible oHers hinselI Ior re-appoinInenI. Ns. Pekha SeIhi
32
was appointed as Additional Independent Director of the
Company with efect from 13th February, 2014 and holds
ofce as a Director up to the ensuing Annual General Meeting.
In terms of Section 149, and other applicable provisions,
if any of the Companies Act, 2013 read with Companies
(Appointment and Qualifcation of Directors) Rules, 2014,
the Independent Directors of the Company viz. Mr. S.M
Dadha, Mr. Keki Mistry, Mr. Hasmukh Shah, Mr. Ashwin
Dani and Ms. Rekha Sethi are proposed to be appointed as
Independent Directors of the Company in accordance with
the requirements of Companies Act 2013, at the ensuing
Annual General Meeting of the Company.
The Company has received the requisite notice under
Section 160 of the Companies Act, 2013 from members
to proposing their name for being appointed as
Independent Directors of the Company.
The Company has received declarations from all the
Independent Directors of the Company confrming that
they meet with the criteria of independence as prescribed
under sub-section (6) of Section 149 of the Companies Act,
2013.
Appropriate resolutions for the appointment/re-
appointment of Directors are being placed for your
approval at the ensuing Annual General Meeting.
Your Directors recommend the appointment/re-
appointment of the aforesaid Directors by the Members
at the ensuing Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA)
of the Companies Act, 1956, with respect to Directors
Responsibility Statement, it is hereby confrmed:
(i) that in the preparation of the annual accounts for the
fnancial year ended 31st March, 2014, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;
(ii) that the Directors have selected appropriate accounting
policies and applied them consistently and made
judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of
afairs of the Company at the end of the fnancial year and
on the loss of the Company for the year under review;
(iii) that the Directors have taken proper and sufcient care
for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 1956
and of Companies Act, 2013 to the extent applicable, for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; and,
(iv) that the Directors have prepared the annual accounts
for the fnancial year ended 31st March, 2014 on a going
concern basis.
AUDITORS
Your Companys auditors, Messrs. Deloitte Haskins
& Sells LLP, Chartered Accountants, Mumbai, retire at the
conclusion of the forthcoming Annual General Meeting.
Your Company has received a letter from them to the efect
that their re-appointment, if made, will be in accordance
with the provisions of Section 139 of the Companies
Act, 2013.
COST AUDITORS
The Company has appointed Messrs. Kailash Sankhlecha &
Associates, Cost Accountants, Vadodara as Cost Auditors of
our Company for conducting Cost Audit in respect of Bulk
Drugs & Formulations of your Company for the year ended
31st March, 2014.
ACKNOWLEDGEMENTS
Your Directors wish to thank all stakeholders and business
partners, your Companys bankers, fnancial institutions,
medical profession and business associates for their
continued support and valuable co-operation. The
Directors also wish to express their gratitude to investors
for the faith that they continue to repose in the Company.
For and on behalf of the Board of
Directors
ISRAEL MAKOV
Chairman
12th August, 2014
Mumbai
33
Directors Report
ANNEXURE (1) TO DIRECTORS REPORT
CONSERVATION OF ENERGY
Year ended 31st
March, 2014
Year ended 31st
March, 2013
A. Power and Fuel Consumption
1. Electricity
(a) Purchased
Unit (in '000 KWH) 68,825 54,412
Total Amount ( ` in Millions) 507 383
Rate ( ` /Unit) 7.4 7.0
(b) Own Generation through Diesel Generator
Units (in '000 KWH) 2,605.7 2,881.3
Units per Litre of Diesel Oil 3.3 3.1
Cost ( ` /Unit) 19.2 15.0
(c) Own Generation through Gas
Units (in '000 KWH) 35,637.6 40,801.1
Units per M3 of Gas 3.8 3.7
Cost ( ` /Unit) 11.1 8.7
2. Furnace Oil
Quantity (in '000 Litres) 1,147.2 746.8
Total Amount ( ` in Millions) 48.1 32.4
Average Rate 41.9 43.4
3 Gas (for Steam)
Gas Units (in '000 M3) 8,746.9 8,513.3
Average Rate ( ` /Unit) 27.1 23.0
4 Wood / Briquitte
Quantity (in '000 Kgs) 30,446.7 30,196.1
Average Rate ( ` /Unit) 4.8 4.8
34
B. Consumption per unit of production
It is not feasible to maintain product category-wise
energy consumption data, since we manufacture a
large range of formulations and bulk drugs having
diHerenI energy requirenenIs.
C. Energy conservation measures
1 Source Electricity through cheaper source
wherever feasible for e.g. grid instead of CPP,
Wind power instead of Grid Power
? SubsIiIuIe NaIural Gas wiIh briqueIIe as Iuel Ior
steam generation in boiler
3 Use bio inIensiIers along wiIh briqueIIe Io
improve steam to fuel ratio (improve boiler
eHciency)
4 Improving power factor by installation of
capacitor bank
5 Steam Condensor recovery by installation of
steam recovery pump
6 use of low voltage transformer for lighting load
7 Improving insulation (thickness) on steam, chilled
water line
8 Use LED lights instead of MVL/CFL
9 Temprature Controller with FRP cooling fan in
cooling towers
!0 Pepalce old IransIorners wiIh eHcienI
transformers to reduce losses from 4% to 2%
approximately
TECHNOLOGY ABSORPTION
A. Research and Development
1. Specc areas n whch R&D s carred out by
the Company
We continue to make fairly large investments
for generic-related pharmaceutical research and
technology. This research supports our generic
business across all the markets were present
in, and ensures we have a healthy pipeline for
future growth. At our four modern R&D centres,
expert scientist teams are engaged in complex
developmental research projects in process
chemistry and dosage forms, including complex
generics based on drug delivery systems. This
work across formulations and API supports the
short, medium and long term business needs
of the Company, in India and world markets.
Projects in formulation development and process
chemistry help us introduce a large number of
new and novel products to the Indian and rest
of the world markets including products with
complexity or a technology edge. Expertise
in nedicinal} process chenisIry equips us Io
be integrated right up to the API stage, for
important products, or products where the API is
diHculI Io source. SIrong new producI capabiliIy
is an important part of our strategy, and R&D
expertise helps us maintain our leadership
position in the Indian and ROW market with
specialty formulations. The team also works on
products that are based on complex drug delivery
systems. Complex API like steroids, sex hormones,
peptides, carbohydrates immunosuppressant
and Iaxanes which require special skills and
technology, are developed and scaled up for both
API and dosage forms. This complete integration
for important products works to the Companys
advanIage. These projecIs nay oHer higher value
addition and revenues.
Z. Benets derved as a resuIt of the above R&D
In 2013-14, 29 formulations were introduced
across marketing divisions in India. All of these
were based on technology developed in-house.
Technology for 25 APIs was commercialised.
For some of the important APIs that we already
manufacture, processes were streamlined or
alIered so as Io have nore energy eHcienI or
cosI eHecIive or environnenI Iriendly processes.
Some of the new processes were developed to
be non-infringing, so as to support our plans
Ior ANDA Ilings Ior Ihe US. A large parI oI our
external API sales is to the regulated markets of
US / Europe, and earns valuable foreign exchange,
as also a repuIaIion Ior qualiIy and dependabiliIy.
The Companys formulation brands are exported
to over 48 international markets where a local
Ield Iorce pronoIes Ihe sane. ln addiIion, Taro's
formulation development capability supports the
Iling and scale up oI ANDAs Ior Ihe US and oIher
markets where it is present. The Department of
ScienIiIc and lndusIrial Pesearch, NinisIry oI
Science and Technology of Government of India
has granted approval to the in house research and
development facility of your Company under the
provision of the Income Tax Act, 1961.
35
Directors Report
3. Future plan of action
We will conIinue Io invesI in people, capabiliIy developnenI, equipnenIs and inIrasIrucIure Io conpeIe
eHecIively across world narkeIs. Taro is likely Io invesI nore in P&D as iI ranps up iIs producI pipeline.
4. Expendture on R&D
` in Million
Year ended 31st
March, 2014
Year ended 31st
March, 2013
a) Capital 471.6 377.2
b) Revenue 3,752.3 2,725.0
c) Total 4,223.9 3,102.2
d) Total R&D expenditure as % of Total Turnover 15.9 13.8
B. TechnoIogy Absorpton, Adaptaton and
Innovation
1. EHorts n bref, made towards technoIogy
absorpton, adaptaton and nnovaton
Year aHer year, your Conpany conIinues Io invesI
on R&D, both as revenue expenses as well as
capex. A large part of the spend is for complex
producIs, ANDA Ilings Ior Ihe US, and APl
Iechnologies IhaI are conplex and nay require
dedicated manufacturing blocks. Investments
have been made in creating research sites,
enploying scienIiIcally skilled and experienced
nanpower, adding equipnenI and upgrading
continuously the exposure and research
undersIanding oI Ihe scienIiIc Iean in Ihe
technologies and therapy areas of our interest.
Z. Benets derved as a resuIt of the above eHorts
e.g. product improvement, cost reduction,
product deveIopment, mport substtuton
(a) Market leader for several complex products.
OHers conpleIe baskeIs oI producIs under
speciality therapeutic classes. Strong
pipeline of products for future introduction
in India,emerging markets, as well as US
and European generic market. Ability to
challenge patents in the US market, and earn
exclusivity.
(b) Not dependent on imported technology,
can make high cost products available at
competitive prices by using indigenously
developed manufacturing processes and
formulation technologies.
(c) OHer producIs which are convenienI and
safe for administration to patients, products
with a technology advantage.
(d) We are among the few selected companies
that have set up completely integrated
manufacturing capability for the production
of anticancer, hormones, peptide,
cephalosporins, immunosuppressant and
steroidal drugs.
(e) The Conpany has beneIIed Iron reducIion
in cost due to import substitution and
increased revenue through higher exports.
3. Your has not imported technology during the
Iast 5 years reckoned from the begnnng of the
nancaI year.
C. Foreign Exchange Earnings and Outgo
` in Million
Year ended 31st
March, 2014
Year ended 31st
March, 2013
Earnings 23,168.0 19,615.2
Outgo 12,628.6 7,876.6
36
CORPORATE
GOVERNANCE
In compliance with Clause 49 of the Listing Agreements
with Stock Exchanges, the Company submits the report for
the year ended 31st March, 2014 on the matters mentioned
in the said Clause and lists the practices followed by the
Company.
1. COMPANYS PHILOSOPHY ON CODE OF
CORPORATE GOVERNANCE
Sun Pharmaceutical Industries Limiteds philosophy
on Corporate Governance envisages working
towards high levels of transparency, accountability,
consistent value systems, delegation across all facets
of its operations leading to sharply focused and
operaIionally eHcienI growIh. The Conpany Iries Io
work by these principles in all its interactions with
stakeholders, including shareholders, employees,
customers, suppliers and statutory authorities.
Sun Pharmaceutical Industries Limited is committed
to learn and adopt the best practices of Corporate
Governance.
2. BOARD OF DIRECTORS
The present strength of the Board of Directors of your
Company is nine Directors.
Composition and category of Directors is as follows:
Category Name of the Directors Inter-se ReIatonshp between
Directors
Non Executive and
Non - Independent Director
Mr. Israel Makov
(Chairman)
-
Promoter Executive Director Mr. Dilip S. Shanghvi
(Managing Director)
Brother-in-law of Mr. Sudhir V. Valia
Non-Promoter Executive Directors Mr. Sudhir V. Valia
(Whole-time Director)
Brother-in-law of Mr. Dilip S. Shanghvi
Mr. Sailesh T. Desai
(Whole-time Director)
-
Non -Executive Independent Directors Mr. S. Mohanchand Dadha -
Mr. Hasmukh S. Shah -
Mr. Keki M. Mistry -
Mr. Ashwin S. Dani -
Ms. Rekha Sethi
#
-
#
Ms. Rekha Sethi was appointed as Additional Independent Director w.e.f 13th February, 2014.
Number of Board Meetings held during the year ended 31st March, 2014, and the dates on which held:
37
Corporate Governance
Five Board meetings were held during the year.
The dates on which the meetings were held during the year ended 31st March, 2014 are as follows: 28th May, 2013,
9th August, 2013, 30th September, 2013, 13th November, 2013 and 13th February, 2014.
Attendance of each Director at the Board meetings, last Annual General Meeting (AGM), and number of other Directorships
and Chairmanships/Memberships of Committee of each Director, is given below:
Name of the Director Attendance Particulars for the year
ended 31st March, 2014
*
No. of other Directorships and Committee
Memberships / Chairmanships as of 31st March, 2014
Board Meetings Last AGM
held on 30th
September, 2013
Other
Directorships
Committee
Memberships
**
Committee
Chairmanships
**
Mr. Israel Makov 4 Yes -- -- --
Mr. Dilip S. Shanghvi 5 Yes 2 -- --
Mr. Sudhir V. Valia 5 Yes 3 1 1
Mr. Sailesh T. Desai 5 Yes 2 1 --
Mr. S. Mohanchand
Dadha
5 Yes 3 -- 2
Mr. Hasmukh S. Shah 5 Yes 3 -- --
Mr. Keki M. Mistry 4 Yes 13 6 3
Mr. Ashwin S. Dani 5 Yes 6 2 1
Ms. Rekha Sethi
#
1 N.A -- -- --
#
Ms. Rekha Sethi was appointed as Additional Independent Director w.e.f 13th February, 2014.
*
The above list of other directorships does not include Directorships, Committee Memberships and Committee Chairmanships in Private Limited, Foreign and
Section 25 Companies.
**
The Committee Memberships and Chairmanships in other Companies include Memberships and Chairmanships of Audit and Shareholders/ Investors
Grievance Committee only.
3. CODE OF CONDUCT
The Board of Directors have laid down a Code of Conduct
for all Board members and senior management of the
Company. During the year under review, the Code was
made applicable to all the employees of the Company.
All Ihe DirecIors and senior nanagenenI have aHrned
compliance with the Code of Conduct as approved and
adopted by the Board of Directors and a declaration to
Ihis eHecI signed by Ihe Nanaging DirecIor has been
annexed to the Corporate Governance Report. The
Code of Conduct has been posted on the website of the
Company www.sunpharma.com.
4. AUDIT COMMITTEE
The Audit Committee of the Company presently
comprises of four independent non-executive
Directors viz. Mr. Keki M. Mistry, Mr. S. Mohanchand
Dadha, Mr. Ashwin S. Daniand Mr. Hasmukh S. Shah.
Mr. Keki M. Mistry is the Chairman of the Committee.
The constitution of Audit Committee also meets
wiIh Ihe requirenenIs under SecIion ?9?A oI
the Companies Act, 1956. Mr. Sunil R. Ajmera, the
Company Secretary of the Company is the Secretary of
the Audit Committee.
The terms of reference of the Audit Committee
inIeralia include overseeing Ihe Conpany's Inancial
reporIing process, reviewing Ihe quarIerly} halI-
yearly} annual Inancial sIaIenenIs, reviewing wiIh
Ihe nanagenenI Ihe Inancial sIaIenenIs and
adequacy oI inIernal audiI IuncIion, nanagenenI
letters issued by the statutory auditor, recommending
the appointment/ re-appointment of statutory
audiIors and IxaIion oI audiI Iees, reviewing Ihe
signiIcanI inIernal audiI Indings} relaIed parIy
transactions, reviewing the Management Discussion
38
and Analysis oI Inancial condiIion and resulI oI
operations and also statutory compliance issues.
The Committee acts as a link between the
management, external and internal auditors and
the Board of Directors of the Company.
Executives from the Finance Department,
Representatives of the Statutory Auditors and Internal
Auditors are also invited to attend the Audit Committee
Meetings.
The Committee has discussed with the external
auditors their audit methodology, audit planning and
signiIcanI observaIions} suggesIions nade by Ihen.
In addition, the Committee has discharged such other
role/ function as envisaged under Clause 49 of the
Listing Agreement of the Stock Exchange and the
provisions of Section 292A of the Companies Act, 1956.
Four Audit Committee Meetings were held during
the year ended 31st March, 2014. The dates on which
Meetings were held are as follows: 28th May, 2013,
9th August, 2013, 13th November, 2013 and 13th
February, 2014. The attendance of each Member of the
Committee is given below:
Name of the Director Chairman/
Member
of the
Committee
No. of Audit
Committee
Meetings
attended
Mr. Keki M. Mistry Chairman 4
Mr. S. Mohanchand
Dadha
Member 5
Hasmukh S. Shah Member 5
Mr. Ashwin S. Dani Member 5
5. REMUNERATION OF DIRECTORS
The Company had not formed Remuneration
Committee of Directors till 31st March, 2014. The
Whole - time Directors remuneration is approved
by Ihe Board wiIhin Ihe overall liniI Ixed by Ihe
shareholders at their meetings.
The commission payable to the Non- Executive
Directors of our Company severally and collectively
as below mentioned has been decided by the Board
of Directors of the Company at their Meeting held
on 29th May, 2014, which was within the overall limit
naxinun liniI oI 0.!0 percenI oI neI proIIs Ixed as
above by the Members of the Company as worked
under the provisions of Sections 349 & 350 of the
Companies Act, 1956 as approved by the Shareholders
of the Company.
The payment of remuneration by way of commission
to the Non- Executive Directors of the Company is in
addition to the sitting fees of ` 5,000/- payable to the
Non Executive Directors for attending each meeting of
the Board and/or of Committee thereof.
The remuneration to Whole-time Directors by way of
salary, and to the Non-Executive Directors by way of
connission, was paid Ior Ihe Inancial year ?0!3-!4 in
accordance with the limits approved by the Members.
However, consequenI Io giving eHecI Io Ihe Schene
oI ArrangenenI, Ior nerger oI SpeciIed UnderIaking
oI Sun Pharna Global FZE, inIo Ihe Conpany eHecIive
from 1st May, 2013, resulting in the absence of net
proIIs in Ihe Conpany Ior Ihe year. (i) renuneraIion Io
the Managing Director and the Whole-time Directors
of the Company, for the year ended 31st March, 2014
has exceeded Ihe liniIs speciIed under Schedule Xlll
of the Companies Act, 1956 by ` 44.7 million; and (ii)
Commission of ` 6.4 million for the year ended
31st March, 2014, to the Non Executive Directors of
the Company has exceeded in terms of Section 309(4)
read with Section 309(5) of the Companies Act, 1956.
The Company is in the process of seeking approval
from the shareholders and the Central Government in
respect of the aforesaid amounts.
39
The details of the remuneration paid/payable to the Directors for the year 2013 -2014 are given below:
Amount in `
Directors Salary
*
Bonus PerquisiIes
**
/
BeneIIs
Commission Sitting Fees Total
Mr. Israel Makov - - - - 14,910.54 14,910.54
Mr. Dilip S. Shanghvi 19,236,000 3,847,200 4,270,169 - - 27,353,369
Mr. Sudhir V. Valia 19,236,000 3,847,200 4,118,070 - - 27,201,270
Mr. Sailesh T. Desai 7,088,400 1,417,680 1,477,672 - - 9,983,752
Mr. S. M. Dadha - - - 1,500,000 70,000 1,570,000
Mr. Hasmukh S. Shah - - - 1,500,000 70,000 1,570,000
Mr. Keki M. Mistry - - - 1,500,000 35,000 1,535,000
Mr. Ashwin S. Dani - - - 1,500,000 45,000 1,545,000
Ms. Rekha Sethi - - - 375,000 5,000 380,000
*
Salary includes Special Allowance.
**
PerquisiIes include House PenI Allowance, Leave Travel AssisIance, Nedical PeinbursenenI, conIribuIion Io ProvidenI Fund and such oIher perquisiIes,
payable to Directors.
Besides this, all the Whole - time Directors are also entitled
to encashment of leave and Gratuity at the end of tenure,
as per the rules of the Company.
Notes: -
a) The Agreement with Mr. Dilip S. Shanghvi, Mr.
Sudhir V. Valia and Mr. Sailesh T. Desai, the Executive
Directors are for a period of 5 years. Either party to the
agreement is entitled to terminate the Agreement by
giving to the other party 30 days notice in writing.
b) The Company presently does not have a scheme
for grant of stock options either to the Executive
Directors or employees.
c) There is no separate provision for payment of
severance fees to Whole-time Director(s).
d) The remuneration of Whole-time Director(s) consists
only oI Ixed conponenIs
e) The deIails oI EquiIy Shares held by Non-ExecuIive
Directors as on 31st March, 2014
Director No. of Shares held
(held singly or jointly as
IrsI holder)
Mr. Israel Makov Nil
Mr. S. Mohanchand Dadha 74,280
Mr. Hasmukh S. Shah Nil
Mr. Keki M. Mistry 41,350
Mr. Ashwin S. Dani Nil
Ms. Rekha Sethi Nil
6. SHAREHOLDERS /INVESTORS GRIEVANCE
COMMITTEE
The Board of the Company had constituted a
Shareholders/Investors Grievance Committee,
comprising of Mr. S. Mohanchand Dadha, Mr. Dilip
S. Shanghvi, Mr. Sudhir V. Valia with Mr. Hasmukh
S. Shah as the Chairman. The Committee, inter alia,
approves issue oI duplicaIe cerIiIcaIes and oversees
and reviews all matters connected with the transfer
of securities. The Committee looks into shareholders
complaints like transfer of shares, non receipt of
balance sheet, non receipt of declared dividends,
etc. The Committee oversees the performance of
the Registrar and Transfer Agents, and recommends
neasures Ior overall inprovenenI in Ihe qualiIy
of investor services. The Board of Directors has
delegated the power of approving transfer of
securities to M/s. Link Intime India Pvt. Ltd, and/or the
Company Secretary of the Company.
The Board has designated severally, Mr. Sunil R.
Ajmera, Company Secretary and Mr. Ashok I. Bhuta,
G.N (Legal & SecreIarial) as Conpliance OHcers.
Five Meetings of the Shareholders/Investors
Grievance Committee were held during the year ended
31st March, 2014. The dates on which Meetings were
held are as follows: 28th May, 2013, 9th August, 2013,
30th September, 2013, 13th November, 2013 and 13th
February, 2014. The attendance of each Member of the
Committee is given below:
40
Name of the
Director
Chairman/
Member
of the
Committee
No. of
Shareholders/
Investors
Grievance
Committee
Meetings
attended
Mr. Hasmukh S.
Shah
Chairman 5
Mr. Sudhir V. Valia Member 5
Mr. Dilip S.
Shanghvi
Member 5
Mr. S. Mohanchand
Dadha
Member 5
Investor Complaints:
The total number of complaints received and resolved
to the satisfaction of shareholders during the year
under review, were 8.
7. COMMITTEE OF DIRECTORS (ALLOTMENT)
The Board of Directors of the Company, at their Board
Meeting held on 28th May, 2013, recommended the
issue oI Bonus Shares in Ihe raIio oI ! (One) EquiIy
Share of ` !}- each Ior every ! (One) EquiIy Share oI
` 1/- each as on the Record Date 30th July, 2013, have
constituted the Committee of Directors (Allotment)
comprising of Mr. Sailesh T. Desai, Mr. Hasmukh S.
Shah and Mr. S. Mohanchand Dadha with Mr. Sudhir
V. Valia as the Chairman. Mr. Sunil R. Ajmera, Company
SecreIary & Conpliance OHcer acIed as Ihe SecreIary
and Conpliance OHcer oI Ihe ConniIIee and Nr.
Ashok I. Bhuta, DGM (Legal & Secretarial & Compliance
OHcer) acIed as Ihe Conpliance OHcer oI Ihe
Committee.
The Committee inter alia had the powers to decide
all naIIers relaIing Io Ixing oI record daIe Ior
determining the names of eligible shareholders of the
Company who shall be entitled to receive the Bonus
Shares and Io issue and alloI EquiIy Shares oI ` 1/-
each of the Company as bonus shares, to credit the
equiIy shares so alloIIed Ihrough NSDL}CDSL} oIher
deposiIory Io Ihe concerned beneIciary accounI and
Io issue Ihe share cerIiIcaIes Io Ihe shareholders
holding the shares in physical form, to obtain approval
of RBI for such issue and allotment under FEMA, as
nay be applicable, Io Ile lisIing applicaIion wiIh Ihe
listed stock exchanges in India and to perform any or
all of the acts, deeds, things and matters as may be
required in connecIion wiIh such issue, alloInenI and
lisIing oI bonus equiIy shares oI ` 1/- each.
During the year, one meeting of the Committee of
Directors (Allotment) was held on 18th July, 2013.
The said Committee of Directors (Allotment) was
discontinued and dissolved at the Board Meeting held
on 9th August, 2013.
8. SUBSIDIARY COMPANIES
In accordance with Clause 49(III) of the Listing Agreement
with Stock Exchanges, Sun Pharma Laboratories Limited
is a material non-listed Indian subsidiary company whose
turnover or net worth (i.e., paid-up capital and free
reserves) exceeds 20% of the consolidated turnover or
net worth respectively, of the listed holding Company
and its subsidiaries in the immediately preceding
accounting year.
Mr. S. Mohanchand Dadha, Independent Director of
the Company has been appointed as a Director on the
Board of Sun Pharma Laboratories Limited
The Inancial sIaIenenIs including invesInenIs nade
by the unlisted subsidiaries were placed before and
reviewed by the Audit Committee of the Company.
Copies of the Minutes of the Board Meetings of the
unlisted subsidiary Companies were placed at the
Board Meetings of the Company held during the year.
The Board of Directors of the Company reviewed
periodically, Ihe sIaIenenI oI all signiIcanI
transactions and arrangements entered into by the
unlisted subsidiary companies.
41
9. GENERAL BODY MEETINGS
(i) Location and time of the last three Annual General Meetings held are as follows:
Year Meeting Location Date Time
2010-11 Nineteenth AGM Prof. Chandravadan Mehta
Auditorium, General Education
Centre,The Maharaja Sayajirao
University of Baroda, Pratapgunj,
Vadodara 390 002.
16th September,
2011
10.30 A.M.
2011-12 Twentieth AGM
*
Sir Sayajirao Nagargruh
Akota, Vadodara 390 020
8th November,
2012
2.30 P.M.
2011-12 Adjourned Twentieth
AGM
Sir Sayajirao Nagargruh
Akota Vadodara 390 020
30th September,
2013
10.45A.M.
2012-2013 Twenty First AGM Sir Sayajirao Nagargruh
Akota Vadodara 390 020
30th September,
2013
11.30 A.M.
* Twentieth AGM was adjourned sine die for consideration of revised accounts.
(ii) Special Resolutions passed during the last
previous three Annual General Meetings:
a) At the Nineteenth Annual General Meeting:
Increase in the upper limit of remuneration
payable to Mr. Aalok D. Shanghvi, who is a
relative of a Director under Section 314(1B) of
the Companies Act, 1956 and remuneration
in the form of annual fee, sitting fees per
meeting of the Board of Directors and
any committee thereof and an annual
discretionary bonus by Taro Pharmaceutical
Industries Ltd. (TARO), a subsidiary of our
Company as Non-Executive Director of TARO
upto USD 650,000/- per annum for a period
of four years from 20th September, 2010.
b) At the Twentieth Annual General Meeting
which was adjourned sine dine for
consideration of Revised Accounts:
1. Re-appointment of Mr. Dilip S. Shanghvi,
Managing Director and approval of terms
and conditions of appointment including
remuneration;
2. Approval for payment of commission to
Non-Executive Directors of the Company.
3. Approval for issue of FCCBs/GDRs/ADRs
or any other securities upto an amount as
speciIed in Ihe resoluIion and auIhoriIy
for creation of mortgage and/or charge in
respect of the securities on the whole or
in part of the undertaking of the Company
under Section 293 (1) (a) of the Companies
Act, 1956.
4. Approval for investment in shares and
securities of other body corporate under
Section 372A of the Companies Act, 1956
upIo Ihe liniIs speciIed in Ihe resoluIion.
5. Approval for insertion of Articles 163A
under the head Meeting of Directors of
the Articles of Association of the Company
giving eHecI Io a DirecIor parIicipaIing in
the Board/Committee Meeting through
Video conferencing or such mode as may be
permitted by the Govt. of India or concerned
authorities.
c) At the Adjourned Twentieth Annual General
Meeting:
No Special Resolutions were passed.
d) At Twenty-First Annual General Meeting:
1. Approval for increase in upper limit of
remuneration payable to Mr. Sudhir V. Valia,
Whole-Time Director of the Company, with
eHecI Iron !sI April, ?0!3 up Io Ihe renaining
period of his tenure, i.e 31st March, 2014.
2. Approval for reappointment of Mr. Sudhir
V. Valia as Whole-Time Director of the
42
Conpany Ior IurIher period oI Ive years
on such terms and conditions including
renuneraIion wiIh eHecI Iron !sI April,
2014 up to 31st March, 2019.
3. Approval for reappointment of Mr. Sailesh
T. Desai as Whole-Time Director of the
Conpany Ior IurIher period oI Ive years
on such terms and conditions including
renuneraIion wiIh eHecI Iron !sI April,
2014 up to 31st March, 2019.
4. Approval for appointment and remuneration
payable to Mr. Aalok Shanghvi, being a
relaIive oI a DirecIor, Io hold oHce} place oI
proII Ior Ihe period Iron !sI April, ?0!4 up
to 31st March, 2019.
5. Approval for raising funds by the Company
by issue of Convertible bonds, debentures,
equiIy shares, Global DeposiIory PeceipIs,
American Depository Receipts, etc not
exceeding ` 120 Billion (Rupees One Hundred
Twenty Billion only).
6. Approval for increase in the borrowing limit
of the Company not exceeding ` 500 Billion
(Rupees Five Hundred Billion only)
7. Approval for increase in the limit of
inter-corporate loans, guarantees and
investments to be made by the Company
not exceeding ` 500 Billion (Rupees Five
Hundred Billion only)
(iii) Postal Ballot
During the year under reference, the Board of
Directors of the Company at their meeting held
on 28th May, 2013, had recommended the Bonus
lssue oI EquiIy Shares oI Ihe Conpany in Ihe raIio
oI one new Iully paid-up EquiIy Share oI ` 1.00
each Ior every one Iully paid-up EquiIy Share oI
` 1.00 held by the members as on the Record date
being 30th July, 2013, subject to the approval of
the members. Accordingly, the Company had
received approval of the members by Postal
Ballot for increase of Authorized Share Capital
oI Ihe Conpany & consequenI alIeraIion oI Ihe
Memorandum and Articles of Association of the
Conpany and issue oI Bonus EquiIy Shares by
way of capitalization of reserves.
The brief details of the Postal Ballot are as under:
1. The Board of Directors had at their meeting
held on 28th May, 2013 appointed Mr.
Umesh Lakhani, Partner, M/s. S. H. Bathiya
& Associates, Mumbai as the Scrutinizer for
conducting the postal ballot process.
2. The Postal Ballot process was carried out in a
fair and transparent manner.
3. E-voting option: In compliance with Clause
35B of the Listing Agreement and section
192A of the Companies Act, 1956, the
Company had provided an option to the
members, to vote on the postal ballot by
way of electronic voting (e-voting) to enable
members to cast their vote electronically. In
case the member had exercised the vote in
physical as well as electronic mode, the vote
by electronic mode only was considered.
4. All postal ballot forms received and electronic
votes cast on 13th July, 2013 up to 6.00 pm,
being Ihe lasI daIe and Iine Ixed by Ihe
Company for receipt of the forms, had been
considered.
5. The results of the Postal Ballot were
announced on 15th July, 2013 as per the
Scrutinizers Report as under.
43
Resolution No. 1 : Ordinary Resolution to increase the Authorized Share Capital of the Company from ` 1,500,000,000
(Rupees One Thousand Five Hundred Million Only ) to ` 3,000,000,000 (Rupees Three Thousand Million Only)
Promoter/
Public
No. of
Shares held
No. of votes polled % of votes
Polled on
outstanding
shares
No. of Votes
in favour
No. of
votes
against
% of votes
in favour
on votes
polled
% of votes
against on
votes polled
Physical E-voting Total
(1) (2) (3)=[(2)/(1)]
*100
(4) (5) (6)=[(4)/(2)]*
100
(7)=[(5)/(2)]*
100
Promoters
and Promoter
Group
659,478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
Public
Institutional
holders
269,278,594 156,905,559 175,878 157,081,437 58.33417 151,093,142 5,988,295 96.18778 3.812223
Public -
Others
106,825,161 2,153,432 24291365 26,444,797 24.75521 26,437,134 7,663 99.97102 0.028977
Total 1,035,581,955
Resolution No. 2 : Ordinary Resolution for alteration of Clause V of Memorandum of Association of the Company,
consequenI Io increase in Ihe AuIhorized Share CapiIal oI Ihe Conpany.
Promoter/
Public
No. of
Shares held
Polled on
outstanding
shares
No. of Votes
in favour
No. of
votes
against
% of votes
in favour
on votes
polled
% of votes
against
on votes
polled
(1) (2) (3)=[(2)/(1)]
*100
(4) (5) (6)=[(4)/(2)]*
100
(7)=[(5)/
(2)]* 100
Promoters
and Promoter
Group
65,9478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
Public
Institutional
holders
269,278,594 156,824,495 175,878 157,000,373 58.30407 151,012,078 5,988,295 96.18581 3.814192
Public - Others 106,825,161 2,121,071 24,291,135 26,412,206 24.72471 26,401,653 10,553 99.96004 0.039955
Total 1,035,581,955
Resolution No. 3 : Special PesoluIion Ior alIeraIion oI Clause 4 oI Ihe ArIicles oI AssociaIion oI Ihe Conpany, consequenI Io
increase in the Authorized Share Capital of the Company.
Promoter/
Public
No. of
Shares held
Polled on
outstanding
shares
No. of Votes
in favour
No. of
votes
against
% of votes
in favour
on votes
polled
% of votes
against on
votes polled
(1) (2) (3)=[(2)/(1)]
*100
(4) (5) (6)=[(4)/
(2)]* 100
(7)=[(5)/(2)]*
100
Promoters
and Promoter
Group
659,478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
Public
Institutional
holders
269,278,594 156,824,495 175,878 157,000,373 58.30407 151,012,078 5,988,295 96.18581 3.814192
Public - Others 106,825,161 2,116,716 24,291,121 26,407,837 24.72062 26,399,654 8,183 99.96901 0.030987
Total 1,035,581,955
44
10. DISCLOSURES
No transaction of a material nature has been
entered into by the Company with Directors or
Management and their relatives, etc. that may
have a poIenIial conIicI wiIh Ihe inIeresIs oI Ihe
Company. The Register of contracts containing
transactions, in which directors are interested,
is placed before the Board of Directors regularly.
The transaction with the related parties are
disclosed in the Annexure A attached to the
Annual Accounts.
There were no instances of non-compliance
by the Company on any matters related to the
capital markets or penalties/ strictures imposed
on the Company by the Stock Exchange or SEBI
or any statutory authority during the last 3
Inancial years.
ln Ihe preparaIion oI Ihe Inancial sIaIenenIs, Ihe
Company has followed the recounting standards,
as noIiIed under secIion ?!!(3C) oI Ihe Conpanies
Act, 1956 (which continue to be applicable in
respect of Section 133 of the Companies Act, 2013
in terms of general circular 15/2013 dated 13th
September, 2013 of the MCA).
The Company has laid down procedures to inform
Board members about the risk assessment and
its minimization, which are periodically reviewed
to ensure that risk control is exercised by the
nanagenenI eHecIively.
During the year under review, the Company has
not raised funds through any public, rights or
preferential issue.
Adoption/ Non Adoption of the Non- mandatory
requirenenIs Ior Ihe year 3!sI Narch, ?0!4.
(i) The Conpany has noI Ixed Ihe Ienure oI
Independent Directors on the Board of the
Company.
(ii) The Company has not formed a remuneration
committee of its Board of Directors.
(iii) The Company does not send half-yearly
Inancial resulIs Io Ihe household oI each
shareholder as the same are published in the
newspapers and also posted on the website
of the Company and the websites of the BSE
and NSE.
(iv) The Companys Board comprise of perfect
mix of Executive and Non Executive
Independent Directors who are Company
Executives and Professionals having in depth
knowledge of pharmaceutical industry and/
or expertise in their area of specialization.
(v) The Companys Board of Directors endeavor
to keep themselves updated with changes
in global economy and legislation. They
attend various workshops and seminars to
Resolution No. 4 : Ordinary Resolution for capitalization of reserves for the purpose of declaration and approval of issue of
Bonus EquiIy Shares in Ihe raIio oI ! (one) new Iully-paid up EquiIy Share oI ` !}- each Ior every ! (one) Iully-paid up EquiIy
Share of ` 1/- each of the Company.
Promoter/
Public
No. of
Shares held
Polled on
outstanding
shares
No. of Votes
in favour
No. of
votes
against
% of votes
in favour
on votes
polled
% of votes
against on
votes polled
(1) (2) (3)=[(2)/(1)]
*100
(4) (5) (6)=[(4)/
(2)]* 100
(7)=[(5)/(2)]*
100
Promoters
and Promoter
Group
659,478,200 0 654,899,648 654,899,648 99.30573 654,899,648 0 100 0
Public
Institutional
holders
269,278,594 156,824,495 175,878 157,000,373 58.30407 151,012,078 5.988,295 96.18581 3.814192
Public - Others 106,825,161 2133,759 24,291,280 26,425,039 24.73672 26,417,948 7,091 99.97317 0.026834
Total 1,035,581,955
45
keep themselves abreast with the changes in
business environment.
(vi) At present the Company does not have a
mechanism for evaluating its Non-Executive
Directors by peer group.
(vii) The Company has not adopted whistle
blower policy. However the Company has not
denied access to any employee to approach
the management on any issue. The Company
has adopted a Code of Conduct for its Board
of Directors and senior management which
conIains Ihe requirenenIs oI Ihe WhisIle
Blower Policy.
11. MEANS OF COMMUNICATION
Webste: The Companys website www.
sunpharma.com contains a separate dedicated
section INVESTOR where shareholders
information is available. Full Annual Report is also
available on the website in a user friendly and
downloadable Iorn. AparI Iron Ihis, oHcial news
releases, detailed presentations made to media,
analysts etc., and the transcript of the conference
calls are also displayed on the Companys website.
Financial Results: The annual, half-yearly and
quarIerly resulIs are regularly posIed by Ihe
Company on its website www.sunpharma.com.
These are also submitted to the Stock Exchanges
in accordance with the Listing Agreement and
published in leading newspapers like The
Economic Times, Business Standard and Gujarati
Edition of Financial Express.
Annual Report: Annual Report containing inter
alia Audited Annual Accounts, Consolidated
Financial Statements, Directors Report, Auditors
Report, and other important information is
circulated to Members and others entitled thereto.
The Managements Discussion and Analysis
(MD&A) Report forms part of the Annual Report.
Chairmans Communique: The Chairmans
Speech is placed on the website of the Company.
Reminder to Investors: Reminders for unpaid
dividend or redemption amount on preference
shares are sent to shareholders as per records
every year.
Corporate Filing and Dissemination System
(CFDS): The CFDS portal jointly owned, managed
and maintained by BSE and NSE is a single source
Io view inIornaIion Iled by Ihe lisIed conpanies.
All disclosures and communications to BSE &
NSE are Iled elecIronically Ihrough Ihe CFDS
portal. Hard copies of the said disclosures and
correspondence are also Iled wiIh Ihe Exchanges.
Announcements, Quarterly Results, Shareholding
PaIIern eIc. oI Ihe Conpany regularly Iled by
the Company, are also available on the website
of BSE Ltd. - www.bseindia.com, National Stock
Exchange of India Ltd. - www.nseindia.com, and
Corporate Filing & Dissemination System website
- www.corpIling.co.in.
12. GENERAL SHAREHOLDER INFORMATION
12.1 Annual General Meeting:
Date and Time Saturday, 27th September,
2014 at 12.00 noon
Venue Sir Sayajirao Natyagriha
Akota, Vadodara
390020, Gujarat
12.2 Financial Calendar (tentative):
PesulIs Ior quarIer ending 30Ih SepIenber,
2014 Second week of November 2014.
PesulIs Ior quarIer ending 3!sI Decenber, ?0!4
Second week of February 2015.
Audited Results for year ended 31st March,
2015 3rd or 4th week of May 2015.
12.3 Details of Book-closure for Equity
Shareholders:
From Saturday, 13th September, 2014 to
Saturday, 27th September, 2014 (both days
inclusive)
12.4 Dividend Payment Date:
On or before 30th September, 2014
46
12.5 (i) Listing of Equity Shares on Stock Exchanges
At BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)
(ii) Payment of Listing Fees
LisIing Fees Ior Ihe Inancial year ?0!4-!S have been paid Io BSE LiniIed and NaIional SIock Exchange oI lndia
LiniIed, where Ihe Conpany's EquiIy Shares conIinue Io be lisIed.
12.6 Stock Code:
Equity Shares
(a) Trading Symbol BSE Ltd. (Demat Segment) SUN PHARMA
524715
Trading Symbol National Stock Exchange (Demat Segment) SUNPHARMA
(b) DenaI lSlN Nunbers in NSDL and CDSL Ior EquiIy Shares oI ` 1/- each ISIN
No.INE044A01036
12.7 Stock Market Data
Equity Shares of ` 1/- paid-up value:
BSE Ltd. (BSE) (in `) National Stock Exchange of India
Ltd. (NSE) (in `)
Months High
Price
Months
Low Price
Months
High Price
Months
Low Price
April, 2013 980.30 811.00 985.70 810.00
May, 2013 1085.40 928.00 1084.80 928.15
June, 2013 1048.00 916.00 1046.85 915.70
July, 2013 1132.70 560.00 1132.50 560.00
August, 2013 576.20 475.60 576.90 475.35
September, 2013 601.25 500.40 601.90 500.00
October, 2013 650.00 587.50 651.90 588.15
November, 2013 623.00 562.85 623.40 562.60
December, 2013 602.00 555.00 601.90 553.55
January, 2014 617.35 567.90 617.70 568.10
February, 2014 644.90 581.30 647.90 581.50
March, 2014 653.10 552.50 653.35 552.55
(Source: BSE and NSE website)
NoIe. Conpany had nade a Bonus issue oI !,03S,S8!,9SS EquiIy shares on 3rd AugusI, ?0!3 in Ihe PaIio oI !.!.
47
SPIL Equity share price versus BSE SENSEX
Closing Price of SPILs
shares on BSE Sensex (Closing)
1200
951
564
520
593
608
572
568
588
643
573
1046
1009
19504
19760
S
P
I
L

C
L
O
S
I
N
G
S
E
N
S
E
X

C
L
O
S
l
N
G
5000
10000
15000
20000
25000
0
1000
800
600
400
200
0
A
p
r

-

1
3
M
a
y

-

1
3
J
u
n

-

1
3
J
u
l

-

1
3
A
u
g

-

1
3
S
e
p

-

1
3
O
c
t

-

1
3
N
o
v

-

1
3
D
e
c

-

1
3
J
a
n

-

1
4
F
e
b

-

1
4
M
a
r

-

1
4
19396
19346
18620
19380
20792
21171
20514
21120
22386
21165
SPIL Equity Share price versus NSE NIFTY
1200
951
565
521
593
609
572
567
589
645
575
1044
1012
5742
5930
5986
5842
5472
5735
6299
6176
6304
6090
6277
6704
S
P
I
L

C
L
O
S
I
N
G
C
N
X

N
l
F
T
Y

C
L
O
S
l
N
G
8000
7000
6000
5000
4000
3000
2000
1000
0
1000
800
600
400
200
0
A
p
r

-

1
3
M
a
y

-

1
3
J
u
n

-

1
3
J
u
l

-

1
3
A
u
g

-

1
3
S
e
p

-

1
3
O
c
t

-

1
3
N
o
v

-

1
3
D
e
c

-

1
3
J
a
n

-

1
4
F
e
b

-

1
4
M
a
r

-

1
4
Closing Price of SPILs
shares on NSE NiHy (Closing)
48
1Z.8 Share prce performance n comparson to broad-based ndces - BSE Sensex and NSE NHy.
Share price performance relative to BSE Sensex based on share price on 31st March, 2014.
% Change in
Period Sun Pharma
Share Price
BSE SENSEX Sun Pharma Relative
to Sensex
Year-on-year 40.12% 18.85% 21.27%
2 years 101.35% 28.63% 72.73%
3 years 159.55% 15.12% 144.43%
5 years 3.09% 130.58% -127.50%
10 years 252.89% 300.43% -4.54%
Note: Prices have been adjusted for Bonus Issue.
Share price perIornance relaIive Io NiHy based on share price on 3!sI Narch, ?0!4
% Change in
Period Sun Pharma
Share Price
NiHy Sun Pharma Relative
Io NiHy
Year-on-year 180.73% 17.98% 162.75%
2 years 101.68% 26.60% 75.08%
3 years 159.77% 14.92% 144.85%
5 years 3.42% 121.92% -118.50%
10 years 252.88% 278.36% -25.48%
(Source: Compiled from data available on BSE and NSE website)
Note: Prices have been adjusted for Bonus Issue.
1Z.9 Regstrars & Transfer Agent
(Share transfer and
communication
regarding share
cerIiIcaIes,
dividends and
change of address)
Link Intime India Pvt. Ltd.
C-13, Kantilal Maganlal Estate
Pannalal Silk Mills Compound
L.B.S. Marg, Bhandup (West),
Mumbai 400 078.
E-Mail: sunpharma@linkintime.co.in
rnt.helpdesk@linkintime.co.in
Tel: 022-25946970,
Fax : 022- 25946969
12.10 Share Transfer System
Presently, the share transfers which are received
in physical form are processed and transferred
by Registrar and Share Transfer Agents and the
share cerIiIcaIes are reIurned wiIhin a period oI
15 days from the date of receipt, subject to the
documents being valid and complete in
all respects.
12.11 Dstrbuton of SharehoIdng as on 31st Narch, ZD14
No. oI EquiIy Shares held No. of Accounts Shares of face value ` 1 each/-
Numbers % to total
accounts
Number % to total
shares
Upto 5000 125,293 95.98 32,734,900 1.58
5001 - 10000 1,977 1.51 14,395,677 0.70
10001 - 20000 1,885 1.44 23,856,682 1.15
20001 - 30000 279 0.21 6,869,320 0.33
30001 - 40000 124 0.10 4,387,807 0.22
40001 - 50000 91 0.07 4,209,173 0.20
50001 - 100000 228 0.18 16,600,990 0.80
100001 and above 668 0.51 1,968,109,361 95.02
Total 130,545 100.00 2,071,163,910 100.00
49
12.12 Shareholding Pattern as on 31st March, 2014 of Equity Shares as per Clause 35 of the Listing Agreement
Particulars Percentage No. of Shares
A. Indian Promoters and Persons acting in Concert 63.65% 1,318,346,400
B. Mutual Funds and UTI 1.21% 24,943,604
C. Banks/Financial Institutions and Insurance Companies 4.28% 88,583,940
D. Foreign Institutional Investors 22.51% 466,237,186
E. Private Corporate Bodies 2.53% 52,421,989
F. Indian Public 5.25% 108,756,242
G. Directors & Relatives 0.19% 3,866,650
H. NRIs/OCBs 0.10% 2,028,954
I. Clearing Members 0.10% 2,172,188
J. Trusts 0.09% 1,861,577
K. Foreign Companies 0.03% 617,160
L. Central Government / State Government 0.06% 1,296,420
N. QualiIed Foreign lnvesIors 0.00% 31,600
Total 100% 2,071,163,910
Shareholding Pattern as on
31st March 2014
12.13 Dematerialization of Shares
AbouI 99.SS oI Ihe ouIsIanding EquiIy shares
have been de-materialized up to 31st March,
2014. Trading in Shares of the Company is
permitted only in de-materialized form w.e.f. 29th
Novenber, !999 as per noIiIcaIion issued by Ihe
Securities and Exchange Board of India (SEBI).
Liquidity:
Your Conpany's equiIy shares are Iairly liquid
and are actively traded on National Stock
Exchange of India Ltd., (NSE) and The BSE
Ltd.(BSE). Relevant data for the average daily
Iurnover Ior Ihe Inancial year ?0!3-?0!4 is given
below:
BSE NSE BSE + NSE
In no. of share
(in Thousands)
132.85 1679.59 1812.44
In value terms
(` Millions)
91.70 1122.30 1214.00
(Source: Compiled from data available on BSE and NSE website)
12.14 Outstanding GDRs/ADRs/Warrants or any
ConvertbIe nstruments, converson date and
likely impact on equity:
The Company has not issued any GDRs/ ADRs /
warrants or any other convertible instruments
during the year and there are no FCCBs
Indian Promoters and Persons acting in Concert
Foreign Institutional Investors
Indian Public
Banks / Financial Institutions and Insurance
Companies
Private Corporate Bodies
Mutual Funds and UTI
Directors & Relatives
Clearing Members
NRIs /OCBs
Trusts
Central Government / State Government
Foreign Companies
QualiIed Foreign lnvesIors
(%)

63.65

22.51

5.25

4.28

2.53

1.21

0.19

0.10

0.10

0.09

0.06

0.03
0.001
50
outstanding as at 31st March, 2014.
12.15 Plant locations as on 31st March, 2014:
1. Survey No.214 and 20, Govt. Industrial Area,
Phase-II, Piparia, Silvassa 396 230, U.T. of
D & NH.
2. Plot No.24/2 and No.25,GIDC, Phase-
IV,Panoli 395 116, Dist. Bharuch, Gujarat.
3. A-7 & A-8, MIDC Industrial Area,
Ahmednagar 414 111, Maharashtra.
12.16 Investor Correspondence
(a) For transfer/dematerialization of Shares, payment
oI dividend on Shares, and any oIher query relaIing
to the shares of the Company
For Shares held in Physical Form
C-13, Kantilal Maganlal Estate, Pannalal Silk Mills
Compound, L.B.S. Marg, Bhandup (West)
Mumbai 400 078.
E-Mail: sunpharma@linkintime.co.in
Tel: 022-25946970,
Fax : 022- 25946969
For Shares held in Demat Form
To the Depository Participant.
(b) E-mail id designated by the Company for Investor
Complaints
secretarial@sunpharma.com
(c) Any query on Annual PeporI Mr. Sunil R. Ajmera/ Mr. Ashok I. Bhuta/ Mr. Nimish Desai,
17-B, Mahal Industrial Estate
Mahakali Caves Road
Andheri (East),
Mumbai 400 093.
sunil.ajmera@sunpharma.com
ashok.bhuta@sunpharma.com
nimish.desai@sunpharma.com
secretarial@sunpharma.com
4. Plot No. 4708, GIDC, Ankleshwar 393 002,
Gujarat.
5. Sathammai Village, Karunkuzhi Post,
Maduranthakam T.K. Kanchipuram Dist.
Tamil Nadu 603 303.
6. Halol-Baroda Highway, Near Anand
Kendra,Halol, Dist. Panchmahal- 389350
Gujarat.
7. Plot No. 817/A, Karkhadi 391 450, Taluka:
Padra, Distt. Vadodara, Gujarat.
For and on behalf of the Board
DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI
Managing Director Wholetime Director Wholetime Director
Mumbai, 12th August, 2014
51
ANNEXURE TO CORPORATE GOVERNANCE FOR THE
YEAR ENDED 31ST MARCH, 2014
DECLARATION OF COMPLIANCE WITH CODE OF CONDUCT
I, Dilip S. Shanghvi, Managing Director of Sun Pharmaceutical Industries Limited (the Company) hereby declare that, to
Ihe besI oI ny inIornaIion, all Ihe Board Nenbers and Senior NanagenenI Personnel oI Ihe Conpany have aHrned Iheir
compliance and undertaken to continue to comply with the Code of Conduct laid down by the Board of Directors of the
Company.
For Sun Pharmaceutical Industries Ltd.,
DILIP S. SHANGHVI
Managing Director
Date: 12th August, 2014
52
AUDITORS CERTIFICATE ON COMPLIANCE WITH THE
CONDITIONS OF CORPORATE GOVERNANCE UNDER
CLAUSE 49 OF THE LISTING AGREEMENT
To the Members of Sun Pharmaceutical Industries Limited,
We have examined the compliance of the conditions of Corporate Governance by Sun Pharmaceutical Industries Limited
(the Company) for the year ended on 31st March, 2014, as stipulated in Clause 49 of the Listing agreements of the said
Conpany wiIh relevanI sIock exchanges (hereinaHer reIerred Io as Clause 49).
The compliance of the conditions of Corporate Governance is the responsibility of the Management. Our examination has
been limited to a review of the procedures and implementation thereof, adopted by the Company for ensuring compliance
oI Ihe condiIions oI CorporaIe Governance. lI is neiIher an audiI nor an expression oI opinion on Ihe Inancial sIaIenenIs oI
the Company.
In our opinion and to the best of our information and according to the explanations given to us and the representations
made by the Directors and the Management, we certify that the Company has complied, in all material respects, with the
conditions of Corporate Governance as stipulated in Clause 49.
We sIaIe IhaI such conpliance is neiIher an assurance as Io Ihe IuIure viabiliIy oI Ihe Conpany nor Ihe eHciency or
eHecIiveness wiIh which Ihe NanagenenI has conducIed Ihe aHairs oI Ihe Conpany.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firms Registration No.117366W/W-100018)
Rajesh K. Hiranandani
Partner
Mumbai, 12th August, 2014 (Membership No.36920)
53-140
FINANCIAL
STATEMENTS
Standalone Financial Statements
Auditors Report 54
Balance Sheet 58
SIaIenenI oI ProII and Loss 59
Cash Flow Statement 60
Notes 62
Consolidated Financial Statements
Auditors Report 100
Balance Sheet 102
SIaIenenI oI ProII and Loss 103
Cash Flow Statement 104
Notes 106
SUN PHAPNACEUTlCAL lNDUSTPlES LTD.
54
TO THE MEMBERS OF
Report on the Financial Statements
We have audiIed Ihe acconpanying Inancial sIaIenenIs oI SUN PHAPNACEUTlCAL lNDUSTPlES LlNlTED("Ihe Conpany),
which conprise Ihe Balance SheeI as aI 3!sI Narch, ?0!4, Ihe SIaIenenI oI ProII and Loss and Ihe Cash Flow SIaIenenI Ior
Ihe year Ihen ended, and a sunnary oI Ihe signiIcanI accounIing policies and oIher explanaIory inIornaIion.
Managements Responsibility for the Financial Statements
The Conpany's NanagenenI is responsible Ior Ihe preparaIion oI Ihese Inancial sIaIenenIs IhaI give a Irue and Iair
view oI Ihe Inancial posiIion, Inancial perIornance and cash Iows oI Ihe Conpany in accordance wiIh Ihe AccounIing
SIandards noIiIed under Ihe Conpanies AcI, !9S6 ("Ihe AcI) (which conIinue Io be applicable in respecI oI SecIion !33
oI Ihe Conpanies AcI, ?0!3 in Ierns oI General Circular !S}?0!3 daIed !3Ih SepIenber, ?0!3 oI Ihe NinisIry oI CorporaIe
AHairs) and in accordance wiIh Ihe accounIing principles generally accepIed in lndia. This responsibiliIy includes Ihe
design, inplenenIaIion and nainIenance oI inIernal conIrol relevanI Io Ihe preparaIion and presenIaIion oI Ihe Inancial
sIaIenenIs IhaI give a Irue and Iair view and are Iree Iron naIerial nissIaIenenI, wheIher due Io Iraud or error.
Auditors Responsibility
Our responsibiliIy is Io express an opinion on Ihese Inancial sIaIenenIs based on our audiI. We conducIed our audiI in
accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India read together with
our renarks in paragraph (c) under Ihe 'Enphasis oI NaIIer' secIion below. Those SIandards require IhaI we conply
wiIh eIhical requirenenIs and plan and perIorn Ihe audiI Io obIain reasonable assurance abouI wheIher Ihe Inancial
sIaIenenIs are Iree Iron naIerial nissIaIenenI.
An audiI involves perIorning procedures Io obIain audiI evidence abouI Ihe anounIs and Ihe disclosures in Ihe Inancial
sIaIenenIs. The procedures selecIed depend on Ihe audiIor's judgnenI, including Ihe assessnenI oI Ihe risks oI naIerial
nissIaIenenI oI Ihe Inancial sIaIenenIs, wheIher due Io Iraud or error. ln naking Ihose risk assessnenIs, Ihe audiIor
considers inIernal conIrol relevanI Io Ihe Conpany's preparaIion and Iair presenIaIion oI Ihe Inancial sIaIenenIs in
order Io design audiI procedures IhaI are appropriaIe in Ihe circunsIances, buI noI Ior Ihe purpose oI expressing an
opinion on Ihe eHecIiveness oI Ihe Conpany's inIernal conIrol. An audiI also includes evaluaIing Ihe appropriaIeness oI
Ihe accounIing policies used and Ihe reasonableness oI Ihe accounIing esIinaIes nade by Ihe NanagenenI, as well as
evaluaIing Ihe overall presenIaIion oI Ihe Inancial sIaIenenIs.
We believe IhaI Ihe audiI evidence we have obIained is suHcienI and appropriaIe Io provide a basis Ior our audiI opinion.
Opinion
ln our opinion and Io Ihe besI oI our inIornaIion and according Io Ihe explanaIions given Io us, Ihe aIoresaid Inancial
sIaIenenIs, read IogeIher wiIh Ihe 'Enphasis oI NaIIer' secIion below, give Ihe inIornaIion required by Ihe AcI in Ihe
nanner so required and give a Irue and Iair view in conIorniIy wiIh Ihe accounIing principles generally accepIed in lndia.
(a) in Ihe case oI Ihe Balance SheeI, oI Ihe sIaIe oI aHairs oI Ihe Conpany as aI 3!sI Narch, ?0!4,
(b) in Ihe case oI Ihe SIaIenenI oI ProII and Loss, oI Ihe loss oI Ihe Conpany Ior Ihe year ended on IhaI daIe, and
(c) in Ihe case oI Ihe Cash Flow SIaIenenI, oI Ihe cash Iows oI Ihe Conpany Ior Ihe year ended on IhaI daIe.
Emphasis of Matter
(a) We draw aIIenIion Io NoIe 48 Io Ihe Inancial sIaIenenIs. As reIerred Io in Ihe said NoIe,Ihe Inancial sIaIenenIs oI
Ihe Conpany Ior Ihe year ended 3!sI Narch, ?0!4 were earlier approved by Ihe Board oI DirecIors aI Iheir neeIing
held on ?9Ih Nay, ?0!4 which were subjecI Io revision by Ihe NanagenenI oI Ihe Conpany so as Io give eHecI Io
Ihe Schene oI ArrangenenI Ior denerger oI Ihe speciIed underIakings oI Sun Pharna Global FZE, a wholly owned
subsidiary, inIo Ihe Conpany w.e.I !sI Nay, ?0!3. Those Inancial sIaIenenIs were audiIed by us and our reporI daIed
?9Ih Nay, ?0!4, addressed Io Ihe Nenbers oI Ihe Conpany, expressed an unqualiIed opinion on Ihose Inancial
sIaIenenIs wiIh an Enphasis oI NaIIer paragraph drawing aIIenIion Io Ihe Ioregoing naIIer. ConsequenI Io Ihe
Conpany obIaining Ihe required approvals, Ihe aIoresaid Inancial sIaIenenIs are revised by Ihe Conpany Io give
eHecI Io Ihe said Schene oI ArrangenenI.
(b) We draw aIIenIion Io NoIe S0 Io Ihe Inancial sIaIenenIs. As reIerred Io in Ihe said NoIe, consequenI Io giving eHecI
Io Ihe Schene oI ArrangenenI.(i) renuneraIion Io Ihe Nanaging DirecIor and Ihe Whole-Iine DirecIors Ior Ihe year
ended 3!sI Narch, ?0!4 is in excess oI Ihe liniIs speciIed under Schedule Xlll Io Ihe AcI, by ` 44.7 Nillion, and (ii)
commission of ` 6.4 Nillion Ior Ihe year ended 3!sI Narch, ?0!4 Io Ihe Non-ExecuIive DirecIors is in excess, since
Ihere is absence oI neI proIIs Ior Ihe year under secIion 309(4) read wiIh secIion 309(S) oI Ihe AcI. ln Ihis regard, we
lNDEPENDENT AUDlTOPS' PEPOPT
55
Independent Auditors Report
ANNUAL PEPOPT ?0!3-!4
have been informed by the Management of the Company that they are in the process of seeking approval from the
shareholders oI Ihe Conpany and Ihe CenIral GovernnenI in respecI oI Ihe aIoresaid anounIs.
(c) AparI Iron Ihe Ioregoing naIIers and Ihe provision Ior proposed dividend, Ihe aIIached Inancial sIaIenenIs do noI
Iake inIo accounI any evenIs subsequenI Io Ihe daIe on which Ihe Inancial sIaIenenIs reIerred Io in (a) above were
earlier approved by Ihe Board oI DirecIors and reporIed upon by us as aIoresaid.
Our opinion is noI qualiIed in respecI oI Ihese naIIers.
Report on Other Legal and Regulatory Requirements
!. As required by Ihe Conpanies (AudiIor's PeporI) Order, ?003 ("Ihe Order) issued by Ihe CenIral GovernnenI in Ierns
oI SecIion ??7(4A) oI Ihe AcI, we give in Ihe Annexure a sIaIenenI on Ihe naIIers speciIed in paragraphs 4 and S oI
Ihe Order.
?. As required by SecIion ??7(3) oI Ihe AcI, we reporI IhaI.
(a) We have obIained all Ihe inIornaIion and explanaIions which Io Ihe besI oI our knowledge and belieI were
necessary Ior Ihe purposes oI our audiI.
(b) ln our opinion, proper books oI accounI as required by law have been kepI by Ihe Conpany so Iar as iI appears
Iron our exaninaIion oI Ihose books.
(c) The Balance SheeI, Ihe SIaIenenI oI ProII and Loss, and Ihe Cash Flow SIaIenenI dealI wiIh by Ihis PeporI are
in agreenenI wiIh Ihe books oI accounI.
(d) ln our opinion, Ihe Balance SheeI, Ihe SIaIenenI oI ProII and Loss, and Ihe Cash Flow SIaIenenI conply wiIh
Ihe AccounIing SIandards noIiIed under Ihe AcI (which conIinue Io be applicable in respecI oI SecIion !33 oI
Ihe Conpanies AcI, ?0!3 in Ierns oI General Circular !S}?0!3 daIed !3Ih SepIenber, ?0!3 oI Ihe NinisIry oI
CorporaIe AHairs).
(e) On Ihe basis oI Ihe wriIIen represenIaIions received Iron Ihe direcIors as on 3!sI Narch, ?0!4 Iaken on record
by Ihe Board oI DirecIors, none oI Ihe direcIors is disqualiIed as on 3!sI Narch, ?0!4 Iron being appoinIed as a
direcIor in Ierns oI SecIion ?74(!) (g) oI Ihe AcI.
(Firn's PegisIraIion No. !!7366W}W-!000!8)
Partner
(Nenbership No. 369?0)
NUNBAl, ?9Ih Nay, ?0!4|!?Ih AugusI, ?0!4 as Io eHecI Ihe naIIers discussed under Ihe 'Enphasis oI NaIIer' secIion above]
(i) Having regard Io Ihe naIure oI Ihe Conpany's business } acIiviIies } resulIs during Ihe year, clauses vi, x, xiii, xiv, xviii,
xix and xx oI paragraph 4 oI Ihe Order are noI applicable Io Ihe Conpany.
(ii) ln respecI oI iIs Ixed asseIs.
(a) The Conpany has nainIained proper records showing Iull parIiculars, including quanIiIaIive deIails and siIuaIion
oI Ihe Ixed asseIs.
(b) The Ixed asseIs were physically veriIed during Ihe year by Ihe NanagenenI in accordance wiIh a regular
progranne oI veriIcaIion which, in our opinion, provides Ior physical veriIcaIion oI all Ihe Ixed asseIs aI
reasonable inIervals. According Io Ihe inIornaIion and explanaIions given Io us, no naIerial discrepancies were
noIiced on such veriIcaIion.
(c) The Ixed asseIs disposed oH during Ihe year, in our opinion, do noI consIiIuIe a subsIanIial parI oI Ihe Ixed asseIs
oI Ihe Conpany and such disposal has, in our opinion, noI aHecIed Ihe going concern sIaIus oI Ihe Conpany.
ANNEXUPE TO THE lNDEPENDENT AUDlTOPS' PEPOPT
(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date)
S6
(iii) ln respecI oI iIs invenIory.
(a) As explained Io us, Ihe invenIories were physically veriIed during Ihe year by Ihe NanagenenI aI reasonable inIervals.
(b) ln our opinion and according Io Ihe inIornaIion and explanaIions given Io us, Ihe procedures oI physical
veriIcaIion oI invenIories Iollowed by Ihe NanagenenI were reasonable and adequaIe in relaIion Io Ihe size oI
Ihe Conpany and Ihe naIure oI iIs business.
(c) ln our opinion and according Io Ihe inIornaIion and explanaIions given Io us, Ihe Conpany has nainIained
proper records oI iIs invenIories and no naIerial discrepancies were noIiced on physical veriIcaIion.
(iv) ln respecI oI loans, secured or unsecured, granIed by Ihe Conpany Io conpanies, Irns or oIher parIies covered in
Ihe PegisIer nainIained under SecIion 30! oI Ihe Conpanies AcI !9S6, according Io Ihe inIornaIion and explanaIions
given Io us.
(a) The Conpany has granIed loans aggregaIing ` 3!!.0 Nillion Io one parIy during Ihe year. AI Ihe year-end, Ihe
outstanding balances of such loans granted was ` Nil and Ihe naxinun anounI involved during Ihe year was
` 878.4 Nillion (nunber oI parIies - one).
(b) The raIe oI inIeresI and oIher Ierns and condiIions oI such loans are, in our opinion, prina Iacie noI prejudicial Io
Ihe inIeresI oI Ihe Conpany.
(c) The receipIs oI principal anounIs and inIeresI have been regular as per sIipulaIions.
(d) There are no overdue principal anounIs and inIeresI renaining ouIsIanding as aI Ihe year-end.
The Conpany has noI Iaken any loans, secured or unsecured, Iron conpanies, Irns or oIher parIies lisIed in Ihe
PegisIer nainIained under SecIion 30! oI Ihe Conpanies AcI, !9S6.
(v) ln our opinion and according Io Ihe inIornaIion and explanaIions given Io us, having regard Io Ihe explanaIions IhaI
some of the items purchased are of a special nature and suitable alternative sources are not readily available for obtaining
conparable quoIaIions, Ihere is an adequaIe inIernal conIrol sysIen connensuraIe wiIh Ihe size oI Ihe Conpany and Ihe
naIure oI iIs business wiIh regard Io purchases oI invenIory and Ixed asseIs and Ihe sale oI goods and services. During Ihe
course oI our audiI, we have noI observed any najor weakness in such inIernal conIrol sysIen.
(vi) ln respecI oI conIracIs or arrangenenIs enIered in Ihe PegisIer nainIained in pursuance oI SecIion 30! oI Ihe Conpanies
AcI, !9S6, Io Ihe besI oI our knowledge and belieI and according Io Ihe inIornaIion and explanaIions given Io us.
(a) The parIiculars oI conIracIs or arrangenenIs reIerred Io in SecIion 30! IhaI needed Io be enIered inIo Ihe
PegisIer nainIained under Ihe said SecIion have been so enIered.
(b) Where each oI such IransacIion (excluding loans reporIed under paragraph (iv) above) is in excess oI ` 5 lakhs in
respecI oI any parIy, having regard Io our connenIs in paragraph (v) above, Ihe IransacIions have been nade aI
prices which are prina Iacie reasonable having regard Io Ihe prevailing narkeI prices aI Ihe relevanI Iine, oIher
Ihan cerIain purchases which are oI a special naIure Ior which conparable quoIaIions are noI available and in
respecI oI which we are, IhereIore, unable Io connenI iI Ihe IransacIions have been carried ouI aI prices having
regard Io Ihe prevailing narkeI prices aI Ihe relevanI Iine.
(vii) ln our opinion, Ihe inIernal audiI IuncIions carried ouI during Ihe year by Irns oI CharIered AccounIanIs appoinIed by
Ihe NanagenenI have been connensuraIe wiIh Ihe size oI Ihe Conpany and Ihe naIure oI iIs business.
(viii) We have broadly reviewed Ihe cosI records nainIained by Ihe Conpany pursuanI Io Ihe Conpanies (CosI AccounIing
Pecords) Pules, ?0!! and Ihe CosI AccounIing Pecords (PharnaceuIical lndusIry) Pules, ?0!! prescribed by Ihe CenIral
GovernnenI under SecIion ?09(!)(d) oI Ihe Conpanies AcI, !9S6 and are oI Ihe opinion IhaI prima facie the prescribed
cosI records have been nade and nainIained. We have, however, noI nade a deIailed exaninaIion oI Ihe cosI records
wiIh a view Io deIernine wheIher Ihey are accuraIe or conpleIe.
(ix) According Io Ihe inIornaIion and explanaIions given Io us, in respecI oI sIaIuIory dues.
(a) The Conpany has generally been regular in deposiIing undispuIed sIaIuIory dues, including ProvidenI Fund,
lnvesIor EducaIion and ProIecIion Fund, Enployees' SIaIe lnsurance, lncone Tax, Sales Tax, WealIh Tax,
Service Tax, CusIons DuIy, Excise DuIy and oIher naIerial sIaIuIory dues applicable Io iI wiIh Ihe appropriaIe
auIhoriIies.
(b) There were no undispuIed anounIs payable in respecI oI ProvidenI Fund, lnvesIor EducaIion and ProIecIion
Fund, Enployees' SIaIe lnsurance, lncone Tax, Sales Tax, WealIh Tax, Service Tax, CusIons DuIy, Excise DuIy and
S7
Statutory Reports Corporate Overview Financial Statements
oIher naIerial sIaIuIory dues in arrears as aI 3!sI Narch, ?0!4 Ior a period oI nore Ihan six nonIhs Iron Ihe daIe
they became payable.
(c) DeIails oI dues oI lncone Tax, Sales Tax, WealIh Tax, CusIons DuIy and Excise DuIy which have noI been
deposiIed as aI 3!sI Narch, ?0!4 on accounI oI dispuIes, are given below.
Statute NaIure oI Dues Forum where dispute is
pending
Period to which the amount relates Amount involved
(` ln Nillion)
lncone Tax AcI,
!96!
lncone Tax, lnIeresI
and Penalty
Commissioner !998-99, ?004-0S, ?007-08, ?008-
09 and ?009-!0
?,69?.6
Tribunal !997-98 0.?
Sales Tax AcI
(Various SIaIes)
Sales Tax, lnIeresI and
Penalty
AssisIanI } DepuIy }
Joint Commissioner
!998-99 Io ?000-0!, ?003-04,
?004-0S, ?007-08, ?008-09 and
?0!0-!!
7.S
Tribunal !998-99 Io ?004-0S 3.7
Appellate Authority ?006-07 Io ?009-!0 ?.?
High Court !999-00, ?00!-0? Io ?003-04,
?00S-06 Io ?0!0-!!
??.0
WealIh Tax AcI,
!9S7
WealIh Tax Commissioner ?0!0-!! 0.!
Tribunal ?00?-03 and ?003-04, ?007-08 Io
?009-!0
0.4
CusIons AcI, !96? CusIon DuIy, PenalIy
and Interest
High Court ?000-0! !4.6
The CenIral Excise
AcI, !944
Excise DuIy, lnIeresI
and Penalty
AssisIanI } DepuIy }
Joint Commissioner
!998-99 Io ?0!3-!4 86S.!
Tribunal ?00!-0? Io ?0!?-!3 494.0
High Court !989-90 Io !998-99, ?00?-03 Io
?004-0S
?7.S
Supreme Court !99S-96 Io ?003-04 !8.6
There were no unpaid dispuIed dues in respecI oI service Iax during Ihe year.
(x) ln our opinion and according Io Ihe inIornaIion and explanaIions given Io us, Ihe Conpany has noI deIaulIed in Ihe repaynenI
of dues to banks. The Conpany does noI have any dues Io Inancial insIiIuIions and has noI issued any debenIures.
(xi) ln our opinion, Ihe Conpany has nainIained adequaIe records where iI has granIed loans and advances on Ihe basis oI
securiIy by way oI pledge oI shares. The Conpany has noI granIed any loans and advances on Ihe basis oI securiIy by
way oI pledge oI debenIures and oIher securiIies.
(xii) ln our opinion and according Io Ihe inIornaIion and explanaIions given Io us, Ihe Ierns and condiIions oI Ihe
guaranIees given by Ihe Conpany Ior loans Iaken by oIhers Iron banks and Inancial insIiIuIions, are noI prima facie
prejudicial Io Ihe inIeresIs oI Ihe Conpany.
(xiii) ln our opinion and according Io Ihe inIornaIion and explanaIions given Io us, Ihe Iern loans have been applied by Ihe
Conpany during Ihe year Ior Ihe purposes Ior which Ihey were obIained.
(xiv) ln our opinion and according Io Ihe inIornaIion and explanaIions given Io us and on an overall exaninaIion oI Ihe
Balance SheeI oI Ihe Conpany, we reporI IhaI Ihe Iunds raised on shorI-Iern basis have, prina Iacie, noI been used
during Ihe year Ior long-Iern invesInenI.
(xv) To Ihe besI oI our knowledge and according Io Ihe inIornaIion and explanaIions given Io us, no Iraud by Ihe Conpany
and no material fraud on the Company has been noIiced or reporIed during Ihe year.
Partner
NUNBAl, ?9Ih Nay, ?0!4|!?Ih AugusI, ?0!4 as Io eHecI Ihe naIIers discussed under Ihe 'Enphasis oI NaIIer' secIion above]
S8
BALANCE SHEET
as aI 3!sI Narch, ?0!4
` in Million
NoIe No. As at 31st March, 2014 As aI 3!sI Narch, ?0!3
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital 1 ?,07!.? !,03S.6
Reserves and Surplus ? 7?,007.6 74,078.8 76,8S3.? 77,888.8
Non-current Liabilities
Long-Iern Borrowings 3 46.4 46.4
DeIerred Tax LiabiliIies (NeI) 4 !,9?8.4 !,6S4.!
OIher Long-Iern LiabiliIies 5 !3.8 !0.!
Long-Iern Provisions 6 ?S,?4!.9 ?7,?30.S !,3!4.9 3,0?S.S
Current Liabilities
ShorI-Iern Borrowings 7 ?4,043.7 384.9
Trade Payables 8 3,800.6 3,6?S.!
OIher CurrenI LiabiliIies 9 ?,336.! !,4S!.S
ShorI-Iern Provisions !0 6,880.3 37,060.7 6,089.! !!,SS0.6
Total 138,370.0 92,464.9
ASSETS
Non-current Assets
Fixed Assets
Tangible Assets 11A !?,S7S.6 !!,347.6
Intangible Assets 11B 96.! !0.3
CapiIal Work-in-Progress 4,804.6 3,480.4
!7,476.3 !4,838.3
Non-currenI lnvesInenIs !? 6!,SS7.3 33,764.9
Long-Iern Loans and Advances 13 7,6!4.9 4,9!0.9
OIher Non-currenI AsseIs 14 !.! 86,649.6 78.3 S3,S9?.4
Current Assets
Current Investments 15 8,600.0 9,4!0.S
Inventories !6 9,!83.8 8,687.6
Trade Receivables !7 4,S?7.S 7,37S.3
Cash and Cash EquivalenIs !8 !,4!4.8 4,3!!.?
ShorI-Iern Loans and Advances !9 3,093.? 8,49S.0
Other Current Assets ?0 ?4,90!.! S!,7?0.4 S9?.9 38,87?.S
Total 138,370.0 92,464.9
See accompanying notes forming part of the Financial Statements
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP For and on behalf of the Board
RAJESH K. HIRANANDANI DILIP S. SHANGHVI SUDHIR V. VALIA SAILESH T. DESAI
Partner Nanaging DirecIor WholeIine DirecIor WholeIine DirecIor
UDAY V. BALDOTA SUNIL R. AJMERA
ChieI Financial OHcer Company Secretary
Nunbai, !?Ih AugusI, ?0!4 Nunbai, !?Ih AugusI, ?0!4
S9
Balance SheeI }
SIaIenenI oI ProII and Loss
STATENENT OF PPOFlT AND LOSS
For Ihe year ended 3!sI Narch, ?0!4
` in Million
NoIe No.
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
Revenue from Operations ?! ?9,?8?.S ?S,!84.9
Less. Excise DuIy 994.6 863.S
?8,?87.9 ?4,3?!.4
Other Income ?? !,S93.8 ?,36!.7
Total Revenue 29,881.7 26,683.1
Expenses
Cost of Materials Consumed ?3 8,946.? 7,0S7.9
Purchases oI SIock-in-Trade 3? !,8S0.4 ?,009.6
Changes in lnvenIories oI Finished Goods,
Work-in-Progress and SIock-in-Trade
?4 (!4S.3) (!0S.3)
Enployee BeneIIs Expense ?S ?,796.3 ?,348.7
DepreciaIion and AnorIisaIion Expense 11 !,0!9.4 8S8.?
OIher Expenses ?6 !4,669.6 7,883.7
Total Expenses 29,136.6 20,052.8
Prot Before ExceptonaI Item and Tax 74S.! 6,630.3
ExcepIional lIen 48(iii) (?8,7S6.0) -
(Loss) ] Prot Before Tax (?8,0!0.9) 6,630.3
Tax Expense:
CurrenI Tax 47 - !,!49.8
DeIerred Tax ?74.3 ?74.3 3!S.0 !,464.8
(Loss) ] Prot for the Year (28,285.2) 5,165.5
Earnings per Share
Basic and DiluIed ( ` ) Face Value per EquiIy share -` 1 39 (!3.7) ?.S
60
CASH FLOW STATENENT
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
A. CASH FLOW FROM OPERATING ACTIVITIES
(Loss) } ProII BeIore Tax (?8,0!0.9) 6,630.3
AdjusInenIs Ior.
DepreciaIion and AnorIisaIion Expense !,0!9.4 8S8.?
Loss on Sale oI Fixed AsseIs (neI) ?!.! 6.0
Finance Costs !83.8 4.4
Interest Income (890.6) (?,0?9.6)
Dividend lncone (0.?) (0.?)
NeI Gain on Sale oI lnvesInenIs (8!3.?) (307.?)
lnvesInenIs WriIIen oH 0.? -
Provision } WriIe oH Ior DoubIIul Trade Peceivables } Advances 97.7 9!.S
NeI Loss } (Gain) on CancellaIion oI Forward Exchange ConIracIs - !90.7
NeI Unrealised Foreign Exchange Loss 8!3.7 4S0.S
Operatng (Loss) ] Prot Before Workng CaptaI Changes (?7,S79.0) S,894.6
Changes n workng captaI:
Adjustments for (Increase) / Decrease in Operating Assets:
Inventories (496.?) (?,?86.9)
Trade Receivables 3,40S.? (?77.!)
Loans and Advances (93?.9) (64!.S)
Other Assets (?4,397.!) (!S0.4)
Adjustments for Increase / (Decrease) in Operating Liabilities:
Trade Payables !68.8 (363.3)
OIher LiabiliIies 883.6 73!.9
Provisions ?6,384.7 (!S4.9)
Cash Generated from Operations (??,S6?.9) ?,7S?.4
NeI lncone Tax Paid (!,487.7) (!,687.6)
Net Cash Flow from / (used in) Operating Activities (A) (?4,0S0.6) !,064.8
B. CASH FLOW FROM INVESTING ACTIVITIES
CapiIal ExpendiIure on Fixed AsseIs, including CapiIal Advances (4,343.?) (4,?9S.4)
Proceeds Iron Sale oI Fixed AsseIs ?0.6 !0.9
ShorI-Iern Loans } lnIer CorporaIe DeposiIs
Given } Placed (6,694.!) (9,93!.4)
Peceived back } NaIured 9,796.0 8,6?0.8
Purchase of Investments
Subsidiary Companies (6,!6?.?) (!3,!64.9)
6!
Cash Flow Statement
CASH FLOW STATENENT
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
Others (!94,S38.7) (!S3,6?8.7)
Proceeds from Sale of Investments ?0!,9!?.7 !47,7?S.4
Net realisation from Investment in erstwhile Partnership Firms ?,697.4 !7,880.8
Bank Balances noI considered as Cash and Cash EquivalenIs
Fixed DeposiIs Placed (S3S.4) (!,974.3)
Fixed DeposiIs NaIured !,97!.6 !!,497.?
Margin Money Placed (7.4) (?!.4)
Margin Money Matured !7.S -
NeI Gain on CancellaIion oI Forward Exchange ConIracIs - (!90.7)
Interest Received !,0S6.4 ?,076.9
Dividend Peceived 0.? 0.?
Net Cash FIow from Investng Actvtes (B) S,!9!.4 4,60S.4
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Borrowings ?4,00?.0 46.4
NeI Decrease in Working CapiIal Borrowings (343.?) (!8.!)
Finance Costs (!8?.4) (3.0)
Dividends Paid (S,!7S.4) (4,40!.?)
Tax on Dividend (880.0) (7!4.0)
Net Cash Flow from / (used in) Financing Activities (C) 17,421.0 (5,089.9)
Net Increase ] (Decrease) n Cash and Cash EquvaIents (ABC) (!,438.?) S80.3
Cash and Cash EquivalenIs aI Ihe Beginning oI Ihe Year ?,?!8.! !,687.?
EHecI oI Exchange DiHerences on PesIaIenenI oI Foreign Currency
Cash and Cash EquivalenIs
(!6.7) (49.4)
Cash and Cash Equivalents at the end of the Year (Refer Note 18) 763.2 2,218.1
6?
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31st March, 2014
As at 31st March, 2014 As aI 3!sI Narch, ?0!3
1 SHARE CAPITAL
Number of
Equity Shares
` in Million
Number of
EquiIy Shares
` in Million
Authorised
EquiIy Shares oI ` 1 each 3,000,000,000 3,000.0 !,S00,000,000 !,S00.0
3,000,000,000 3,000.0 1,500,000,000 1,500.0
Issued, Subscribed and Fully Paid Up
EquiIy Shares oI ` ! each (PeIer NoIe ?9) ?,07!,!63,9!0 ?,07!.? !,03S,S8!,9SS !,03S.6
2,071,163,910 2,071.2 1,035,581,955 1,035.6
` in Million
2 RESERVES AND SURPLUS
Capital Reserve
Opening Balance ?S9.! ?S9.!
AddiIion during Ihe year (reIer noIe 48(ii)) ?8,!09.9 -
Closing Balance ?8,369.0 ?S9.!
Capital Redemption Reserve
Opening Balance !S4.S !S4.S
Less. UIilised Ior issue oI bonus shares !S4.S -
Closing Balance - !S4.S
Securities Premium Account
Opening Balance !S,099.! !S,099.!
Less . UIilised Ior issue oI bonus shares 88!.! -
Closing Balance !4,?!8.0 !S,099.!
General Reserve
Opening Balance ?9,?60.0 ?8,740.0
Add. TransIerred Iron Surplus in SIaIenenI oI ProII and
Loss
- S?0.0
Closing Balance ?9,?60.0 ?9,?60.0
SurpIus n Statement of Prot and Loss
Opening Balance 3?,080.S 33,49?.9
Add. (Loss) } ProII Ior Ihe year (?8,?8S.?) S,!6S.S
Less. Dividend proposed Io be disIribuIed Io EquiIy
Shareholders |` !.S (Previous Year ` S.0) per Share]
3,!06.7 S,!77.9
CorporaIe Dividend Tax S?8.0 880.0
TransIerred Io General Peserve - S?0.0
3,634.7 6,S77.9
Closing Balance !60.6 3?,080.S
72,007.6 76,853.2
63
Notes
` in Million
3 LONG-TERM BORROWINGS
Tern Loan Iron DeparInenI oI BioIechnology (Secured) 46.4 46.4
(Secured by hypoIhecaIion oI asseIs and goods perIaining Io
Ihe projecI)
46.4 46.4
|Pepayable in !0 (Previous Year !0) halI- yearly insIallnenIs oI
` 4.6 Nillion each connencing Iron 3!sI Narch, ?0!7, LasI
insIallnenI is due on 30Ih SepIenber, ?0?!.]
4 DEFERRED TAX LIABILITIES (NET)
Deferred Tax Liability
DepreciaIion on Fixed AsseIs ?,043.S !,744.0
Less :
Deferred Tax Assets
Unpaid LiabiliIies Allowable on paynenI basis U}s 43B oI Ihe
lncone Tax AcI,!96!
66.9 4!.0
Others 48.? !!S.! 48.9 89.9
1,928.4 1,654.1
5 OTHER LONG-TERM LIABILITIES
Interest accrued but not due on borrowings ?.8 !.4
Trade } SecuriIy DeposiIs Peceived !!.0 8.7
13.8 10.1
6 LONG-TERM PROVISIONS
Enployee BeneIIs 9S.4 87.0
NTN Loss on ouIsIanding Forward ConIracIs !,984.6 !,??7.9
Provision - OIher |PeIer noIe 48(iii)] ?3,!6!.9 -
25,241.9 1,314.9
7 SHORT-TERM BORROWINGS
Secured Borrowngs
Loans Pepayable on Denand
Cash Credit Facility from Banks 4!.7 384.9
(Secured by hypoIhecaIion oI lnvenIories and Trade Peceivables)
Unsecured Borrowngs
Tern Loan Iron bank ?4,00?.0 -
24,043.7 384.9
64
` in Million
8 TRADE PAYABLES
Due Io Nicro and Snall EnIerprises (PeIer NoIe 37) 69.7 66.?
Other Payables 3,730.9 3,SS8.9
3,800.6 3,625.1
9 OTHER CURRENT LIABILITIES
Investor Education and Protection Fund shall be credited by
Unpaid Dividends (noI due)
S?.4 4S.!
Statutory Remittances ?9S.0 ?88.S
Payables on Purchase oI Fixed AsseIs 36?.7 366.7
Advances Iron } Payable Io Subsidiary Conpany } CusIoners
(PeIer NoIe 38)
!,6!8.? 743.3
Others 7.8 7.9
2,336.1 1,451.5
10 SHORT-TERM PROVISIONS
Enployee BeneIIs 9S.3 3!.?
Dividend proposed Io be disIribuIed Io equiIy Shareholders 3,!06.7 S,!77.9
CorporaIe Dividend Tax S?8.0 880.0
Provision - OIher |PeIer NoIe 48(iii)] 3,!S0.3 -
6,880.3 6,089.1
6S
Notes
N
O
T
E
S

F
O
P
N
l
N
G

P
A
P
T

O
F

T
H
E

F
l
N
A
N
C
l
A
L

S
T
A
T
E
N
E
N
T
S

F
o
r

I
h
e

y
e
a
r

e
n
d
e
d

3
!
s
I

N
a
r
c
h
,

?
0
!
4
1
1

F
I
X
E
D

A
S
S
E
T
S
`

i
n

M
i
l
l
i
o
n
D
e
s
c
r
i
p
I
i
o
n

o
I

A
s
s
e
I
s
G
r
o
s
s

B
l
o
c
k

(
A
I

C
o
s
I
)
D
e
p
r
e
c
i
a
I
i
o
n

}

A
n
o
r
I
i
s
a
I
i
o
n

}

l
n
p
a
i
r
n
e
n
I
N
e
t

B
l
o
c
k

A
s

a
t

0
!
.
0
4
.
?
0
!
3
T
r
a
n
s
f
e
r

o
n

D
e
n
e
r
g
e
r
A
d
d
i
t
i
o
n
s

d
u
r
i
n
g

t
h
e

y
e
a
r
D
e
l
e
I
i
o
n
s

d
u
r
i
n
g

t
h
e

y
e
a
r
A
s

a
t

3
1
.
0
3
.
2
0
1
4

A
s

a
t

0
!
.
0
4
.
?
0
!
3
T
r
a
n
s
f
e
r

o
n

D
e
n
e
r
g
e
r
F
o
r

t
h
e

y
e
a
r
O
n

D
e
l
e
I
i
o
n
s

f
o
r

t
h
e

y
e
a
r
A
s

a
t

3
1
.
0
3
.
2
0
1
4
A
s

a
t

3
1
.
0
3
.
2
0
1
4
A
s

a
t

3
!
.
0
3
.
?
0
!
3
A
.

T
A
N
G
I
B
L
E

A
S
S
E
T
S

F
r
e
e
h
o
l
d

L
a
n
d

!
8
8
.
7

-

3
.
4

-

!
9
?
.
!

-

-

-

-

-

!
9
?
.
!

!
8
8
.
7

(
!
7
3
.
4
)

(

-

)

(
!
S
.
3
)

(

-

)

(
!
8
8
.
7
)

(

-

)

(

-

)

(

-

)

(

-

)

(

-

)

(
!
8
8
.
7
)

(
!
7
3
.
4
)

L
e
a
s
e
h
o
l
d

L
a
n
d

!
3
7
.
8

-

-

-

!
3
7
.
8

9
.
4

-

?
.
!

-

!
!
.
S

!
?
6
.
3

!
?
8
.
4

(
!
3
7
.
8
)

(

-

)

(

-

)

(

-

)

(
!
3
7
.
8
)

(
7
.
3
)

(

-

)

(
?
.
!
)

(

-

)

(
9
.
4
)

(
!
?
8
.
4
)

(
!
3
0
.
S
)

B
u
i
l
d
i
n
g
s

?
,
9
?
!
.
7

-

?
0
4
.
S

-

3
,
!
?
6
.
?
(
i
)

6
0
9
.
8

-

8
3
.
S

-

6
9
3
.
3

?
,
4
3
?
.
9

?
,
3
!
!
.
9

(
?
,
7
4
S
.
S
)

(

-

)

(
!
7
6
.
?
)

(

-

)

(
?
,
9
?
!
.
7
)

(
S
3
3
.
!
)

(

-

)

(
7
6
.
7
)

(

-

)

(
6
0
9
.
8
)

(
?
,
3
!
!
.
9
)

(
?
,
?
!
?
.
4
)

B
u
i
l
d
i
n
g
s

-

L
e
a
s
e
d

!
9
3
.
6

-

?
.
8

-

!
9
6
.
4
(
i
)

4
9
.
7

-

6
.
3

-

S
6
.
0

!
4
0
.
4

!
4
3
.
9

(
!
9
3
.
6
)

(

-

)

(

-

)

(

-

)

(
!
9
3
.
6
)

(
4
3
.
S
)

(

-

)

(
6
.
?
)

(

-

)

(
4
9
.
7
)

(
!
4
3
.
9
)

(
!
S
0
.
!
)

P
l
a
n
I

a
n
d

E
q
u
i
p
n
e
n
I

!
?
,
7
7
0
.
S

-

!
,
8
7
8
.
3

7
S
.
0

!
4
,
S
7
3
.
8

4
,
7
4
!
.
6

-

8
3
?
.
4

3
8
.
!

S
,
S
3
S
.
9
(
i
i
)

9
,
0
3
7
.
9

8
,
0
?
8
.
9

(
!
0
,
6
S
!
.
?
)

(

-

)

(
?
,
!
4
6
.
S
)

(
?
7
.
?
)

(
!
?
,
7
7
0
.
S
)

(
4
,
0
4
7
.
6
)

(

-

)

(
7
0
6
.
9
)

(
!
?
.
9
)

(
4
,
7
4
!
.
6
)

(
8
,
0
?
8
.
9
)

(
6
,
6
0
3
.
6
)

P
l
a
n
I

a
n
d

E
q
u
i
p
n
e
n
I
-

L
e
a
s
e
d

?
S
.
3

-

-

-

?
S
.
3

?
.
9

-

!
.
?

-

4
.
!

?
!
.
?

?
?
.
4

(
?
S
.
3
)

(

-

)

(

-

)

(

-

)

(
?
S
.
3
)

(
!
.
7
)

(

-

)

(
!
.
?
)

(

-

)

(
?
.
9
)

(
?
?
.
4
)

(
?
3
.
6
)

V
e
h
i
c
l
e
s

?
?
S
.
6

-

7
3
.
!

9
.
0

?
8
9
.
7

6
6
.
3

-

?
!
.
9

4
.
7

8
3
.
S

?
0
6
.
?

!
S
9
.
3

(
!
8
3
.
!
)

(

-

)

(
S
!
.
6
)

(
9
.
!
)

(
?
?
S
.
6
)

(
S
4
.
6
)

(

-

)

(
!
8
.
4
)

(
6
.
7
)

(
6
6
.
3
)

(
!
S
9
.
3
)

(
!
?
8
.
S
)

O
H
c
e

E
q
u
i
p
n
e
n
I

3
S
!
.
3

-

6
S
.
7

0
.
8

4
!
6
.
?

?
0
4
.
7

-

?
7
.
3

0
.
3

?
3
!
.
7
(
i
i
)

!
8
4
.
S

!
4
6
.
6

(
3
?
!
.
6
)

(

-

)

(
3
!
.
9
)

(
?
.
?
)

(
3
S
!
.
3
)

(
!
8
4
.
9
)

(

-

)

(
?
!
.
8
)

(
?
.
0
)

(
?
0
4
.
7
)

(
!
4
6
.
6
)

(
!
3
6
.
7
)

F
u
r
n
i
I
u
r
e

a
n
d

F
i
x
I
u
r
e
s

3
8
?
.
?

-

3
9
.
0

0
.
!

4
?
!
.
!

!
6
4
.
7

-

?
?
.
4

0
.
!

!
8
7
.
0
(
i
i
)

?
3
4
.
!

?
!
7
.
S

(
3
4
4
.
!
)

(

-

)

(
3
8
.
S
)

(
0
.
4
)

(
3
8
?
.
?
)

(
!
4
3
.
6
)

(

-

)

(
?
!
.
S
)

(
0
.
4
)

(
!
6
4
.
7
)

(
?
!
7
.
S
)

(
?
0
0
.
S
)
T
o
t
a
l

T
a
n
g
i
b
l
e

A
s
s
e
t
s

1
7
,
1
9
6
.
7

-

2
,
2
6
6
.
8

8
4
.
9

1
9
,
3
7
8
.
6

5
,
8
4
9
.
1

-

9
9
7
.
1

4
3
.
2

6
,
8
0
3
.
0

1
2
,
5
7
5
.
6

1
1
,
3
4
7
.
6
P
r
e
v
i
o
u
s

Y
e
a
r

(
!
4
,
7
7
S
.
6
)

(

-

)

(
?
,
4
6
0
.
0
)

(
3
8
.
9
)

(
!
7
,
!
9
6
.
7
)

(
S
,
0
!
6
.
3
)

(

-

)

(
8
S
4
.
8
)

(
?
?
.
0
)

(
S
,
8
4
9
.
!
)

(
!
!
,
3
4
7
.
6
)
B
.

I
N
T
A
N
G
I
B
L
E

A
S
S
E
T
S

T
r
a
d
e
n
a
r
k
s
,

D
e
s
i
g
n
s

a
n
d

O
t
h
e
r

I
n
t
a
n
g
i
b
l
e

A
s
s
e
t
s

S
4
.
7
?
?
7
.
0

7
S
.
0

-
3
S
6
.
7

4
4
.
4
!
9
3
.
9
?
?
.
3

-
?
6
0
.
6
(
i
i
)
9
6
.
!

!
0
.
3

(
S
4
.
7
)
(

-

)

(

-

)

(

-

)

(
S
4
.
7
)

(
4
!
.
0
)

(

-

)

(
3
.
4
)

(

-

)

(
4
4
.
4
)

(
!
0
.
3
)

(
!
3
.
7
)
T
o
t
a
l

I
n
t
a
n
g
i
b
l
e

A
s
s
e
t
s

5
4
.
7
2
2
7
.
0

7
5
.
0

-
3
5
6
.
7

4
4
.
4
1
9
3
.
9
2
2
.
3

-
2
6
0
.
6
9
6
.
1

1
0
.
3

P
r
e
v
i
o
u
s

Y
e
a
r

(
S
4
.
7
)

(

-

)

(

-

)

(

-

)

(
S
4
.
7
)

(
4
!
.
0
)

(

-

)

(
3
.
4
)

(

-

)

(
4
4
.
4
)

(
!
0
.
3
)
T
o
t
a
l

F
i
x
e
d

A
s
s
e
t
s

1
7
,
2
5
1
.
4
2
2
7
.
0

2
,
3
4
1
.
8

8
4
.
9

1
9
,
7
3
5
.
3

5
,
8
9
3
.
5
1
9
3
.
9
1
,
0
1
9
.
4

4
3
.
2

7
,
0
6
3
.
6

1
2
,
6
7
1
.
7

1
1
,
3
5
7
.
9
P
r
e
v
i
o
u
s

Y
e
a
r

(
!
4
,
8
3
0
.
3
)

(

-

)

(
?
,
4
6
0
.
0
)

(
3
8
.
9
)

(
!
7
,
?
S
!
.
4
)

(
S
,
0
S
7
.
3
)

(

-

)

(
8
S
8
.
?
)

(
?
?
.
0
)

(
S
,
8
9
3
.
S
)

(
!
!
,
3
S
7
.
9
)

P
e
I
e
r

N
o
I
e

4
?
(
a
)

P
e
I
e
r

N
o
I
e

4
8
F
o
o
t
n
o
t
e
s
:
(
i
)

B
u
i
l
d
i
n
g
s

i
n
c
l
u
d
e

`

8
,
6
?
0

(
P
r
e
v
i
o
u
s

Y
e
a
r

`

8
,
6
?
0
)

I
o
w
a
r
d
s

c
o
s
I

o
I

s
h
a
r
e
s

i
n

a

C
o
-
o
p
e
r
a
I
i
v
e

H
o
u
s
i
n
g

S
o
c
i
e
I
y
.
(
i
i
)

l
n
c
l
u
d
e
s

l
n
p
a
i
r
n
e
n
I

o
I

`

?
9
.
!

N
i
l
l
i
o
n

(
P
r
e
v
i
o
u
s

Y
e
a
r

`

?
9
.
!

N
i
l
l
i
o
n
)
(
i
i
i
)

P
r
e
v
i
o
u
s

Y
e
a
r

I
g
u
r
e
s

a
r
e

i
n

b
r
a
c
k
e
I
s
66
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
12 NON-CURRENT INVESTMENTS
Long-term Investments (At Cost)
A) Trade Investments - Unquoted
a) In Equity Instruments
i) In Subsidiary Companies
Caraco PharnaceuIical LaboraIories LId. 304.? 304.?
8,387,666 (Previous Year 8,387,666) Iully paid Connon
Shares oI No Par Value
Zao Sun Pharna lndusIries LId. - 0.?
Nil (Previous Year !,000) Shares oI Pubbles
?0 each Iully paid (LiquidaIed during Ihe year)
Sun Pharna Global lnc. BVl 9,6?8.9 9,6?8.9
?,47!,S!S (Previous Year ?,47!,S!S) Shares oI US $ !
each fully paid
TKS FarnaceuIica LIda. !8.3 !8.3
8?9,?88 (Previous Year 8?9,?88) quoIa oI CapiIal
SIock oI Peal (P$) ! each Iully paid
Sun Pharna De Nexico, S.A. DE C.V. 3.3 3.3
7S0 (Previous Year 7S0) Connon Shares oI no Face Value
Sun PharnaceuIical (Bangladesh) LId.
434,469 (Previous Year 434,469) Ordinary Shares
oI !00 Takas each Iully paid
36.S 36.S
Share Application Money 3!.6 3!.6
Sun PharnaceuIical Peru S.A.C. 0.0 0.0
|` ?!,734 (Previous Year ` ?!,734)]
!49 (Previous Year !49) Ordinary Shares oI Soles
!0 each Iully paid
SPlL DE Nexico SA DE CV 0.? 0.?
!00 (Previous Year !00)
NoninaIive and Iree Shares oI $S00 Nexican
Pesos each fully paid
OOO "Sun PharnaceuIical lndusIries" LId 8.8 0.!
Par value sIock oI S,?49,S00 Pubbles (Previous
Year 49,S00 Pubbles) Iully paid
Green Eco DevelopnenI CenIre LId !.0 !.0
!00,000 (Previous Year !00,000) Shares oI
` !0 each Iully paid
Sun Pharna De Venezuela, C.A. 0.S 0.S
!,000 (Previous Year !,000) Shares oI Bolivars (Bs.F.)
!00 each, Bolivars (Bs.F.) S0 per share paid
67
Notes
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
Sun Pharna LaboraIories LiniIed !.S !.S
S0,000 (Previous Year S0,000) Shares oI ` !0 each Iully paid
FasIsIone NercanIile Conpany PvI LId 0.! 0.!
!0,000 (Previous Year !0,000) Shares oI ` !0 each Iully paid
NeeInav Peal EsIaIe PvI LId. 0.! 0.!
PealsIone NulIiIrade PrivaIe LiniIed 0.! 0.!
Skisen Labs PvI LId. 0.! 0.!
SoHdeal Trading PrivaIe LiniIed 0.! 0.!
Sun Pharna Drugs PvI. LId
(nerged wiIh Sun Pharna LaboraIories LiniIed
w.e.I. !sI SepIenber, ?0!?)
- ?00.0
Nil (Previous Year ?0,000,000) Shares oI ` !0 each Iully paid
Sun Pharna NedicaIion PvI. LId
(nerged wiIh Sun Pharna LaboraIories LiniIed w.e.I.
!sI SepIenber, ?0!?)
- ?00.0
Nil (Previous Year ?0,000,000) Shares oI ` !0 each Iully paid
!0,03S.3 !0,4?6.8
ii) In Other Company
Enviro lnIrasIrucIure Co. LId. !.0 !.0
10,036.3 10,427.8
b) In Preference Shares
In Subsidiary Companies
Sun Pharna LaboraIories LiniIed
4,000,000 (Previous Year Nil) !0 Pedeenable PreIerence
Shares of ` !00 each Iully paid
400.0 -
Alkaloida Chenical Conpany ZrI. 8,0S?.0 -
3,000,000 (Previous Year Nil) ? Pedeenable PreIerence
Shares oI $ !S each Iully paid aI a preniun oI $ 3S per share
Sun Pharna Global lnc. BVl
83,7S0,000 (Previous Year 83,7S0,000) ? Pedeenable
OpIionally ConverIible PreIerence Shares oI $ ! each Iully paid
3,80S.7 3,80S.7
700,000,000 (Previous Year 4!,?S0,000) S Pedeenable
CunulaIive PreIerence Shares oI $ ! each Iully paid
38,S3S.0 ?,?S?.!
Share Application Money !!!.0 S0,903.7 !0,9!?.0 !6,969.8
68
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
c) In Partnership Firm
Sun Pharna Drugs (Previous Year ` 94)
(Dissolved on !9Ih AugusI, ?0!3)
- 0.0
d) In Government Securities
NaIional Savings CerIiIcaIes ` !0,000 (Previous Year ` !0,000)
(DeposiIed wiIh GovernnenI AuIhoriIies)
0.0 0.0
Total (A) 60,940.0 27,397.6
B) Other Investments
a) In Debentures
Quoted
Housing DevelopnenI Finance CorporaIion LId -
9.9 Secured Pedeenable NCD ?3DC!8
?S0.0 ?S0.0
?S0 (Previous Year ?S0) DebenIures oI ` !,000,000
each Iully paid NarkeI Value ` ?S9.7 Nillion
(Previous Year ` ?67.4 Nillion)
b) In Bonds
Quoted
National Highways Authority of India 6!.8 6!.8
6!,809 (Previous Year 6!,809) Bonds oI ` !,000 each
Iully paid NarkeI Value ` 64.4 Nillion
(Previous Year ` 67.6 Nillion)
Power Finance CorporaIion LId Tax Free Bonds !4?.4 !4?.4
!4?,393 (Previous Year !4?,393) Bonds oI ` !,000 each
Iully paid NarkeI Value ` !48.0 Nillion (Previous Year
` !SS.3 Nillion)
lndian Pailway Finance CorporaIion LId -8}8.!S LOA ?3FB?? !63.! !63.!
!63,!3! (Previous Year !63,!3!) Bonds oI ` !,000 each
Iully paid NarkeI Value ` !67.6 Nillion (Previous Year ` !7S.7
Nillion) 367.3 367.3
c) In Mutual Funds (Unquoted) (**)
Units of Face Value of ` 10 Each
Axis NuIual Fund- AXlS Fixed Tern Plan - Series 34
(39?) Days DirecI GrowIh
- ?00.0
Nil (Previous Year ?0,000,000) UniIs
Baroda Pioneer NuIual Fund- Baroda Pioneer FNP- Series B
Plan B (378 Days)-GrowIh Plan
- !00.0
Nil (Previous Year !0,000,000) UniIs
DeuIsche NuIual Fund-DWS Fixed NaIuriIy Plan- Series -
?6 DirecI Plan-GrowIh
- 400.0
Nil (Previous Year 40,000,000) UniIs
69
Notes
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
DSP BlackPock NuIual Fund -DSP BlackPock
FNP -Series-!?.SN-DirecI-GrowIh
- S00.0
Nil (Previous Year S0,000,000) UniIs
DSP BlackPock NuIual Fund -DSP
BlackPock -FNP - Series 89 -!?N-DirecI-GrowIh
- S00.0
HSBC Global AsseI NanagenenI-HSBC Fixed Tern
Series 90- GrowIh DirecI Plan- Tenure 37S DAYS
- !00.0
lClCl PrudenIial NuIual Fund-lClCl PrudenIial
FNP Series 66 - 4?0 Days Plan A DirecI Plan CunulaIive
- ?S0.0
Nil (Previous Year ?S,000,000) UniIs
|P Norgan AsseI NanagenenI -|P Norgan lndia Fixed NaIuriIy
Plan Series !6-DirecI GrowIh
- 3S0.0
Nil (Previous Year 3S,000,000) UniIs
KoIak NuIual Fund-KoIak FNP Series 97 -DirecI GrowIh - S00.0
L&T NuIual Fund-L&T FNP - Vll (Narch 38!D A)
DirecI Plan GrowIh
- ?00.0
Peliance NuIual Fund-Peliance Fixed Horizon
Fund -XXlll-Series S-DirecI Plan-GrowIh Plan (8N-AG)
- !,000.0
Peligare NuIual Fund- Peligare Fixed NaIuriIy
Plan - Series XVll - Plan A (!7 nonIhs)-DirecI Plan-GrowIh
- !40.0
Plan - Series XVll - Plan F (39? days)-DirecI Plan-GrowIh
- ?S0.0
Plan - Series XVlll - Plan B (386 days)-DirecI Plan-GrowIh
- !60.0
SBl NuIual Fund-SBl DebI Fund Series -
!3 NonIhs -!S-DirecI Plan-GrowIh
- ?S0.0
TaIa NuIual Fund- TATA Fixed NaIuriIy Plan Series
4? Schene B-DirecI Plan-GrowIh
- ?00.0
Units of Face Value of ` 1,000 each
Pranerica NuIual Fund-Pranerica Fixed DuraIion Fund-
Series S-DirecI Plan-GrowIh
- !S0.0
Nil (Previous Year !S0,000) UniIs
- S,?S0.0
70
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
d) In Deposit
Unquoted
Housing DevelopnenI Finance CorporaIion LId - S00.0
Total (B) 617.3 6,367.3
Total (A+B) 61,557.3 33,764.9
AGGREGATE VALUE OF INVESTMENTS
Book
Value
Narket
Value
Book
Value
Market
Value
Quoted 6!7.3 639.7 6!7.3 666.0
UnquoIed 60,940.0 33,!47.6
Partners Share Capital Share Capital
Sun PharnaceuIical lndusIries LiniIed (Previous Year ` 94) - - 98.0 0.0
Sun PharnaceuIical lndusIries Key Enployees' BeneII TrusI - - ?.0 (0.0)
(Previous Year ` (94))
LisIed
13 LONG-TERM LOANS AND ADVANCES
(Unsecured - Considered Good)
Capital Advances ?,438.3 !,76S.!
SecuriIy DeposiIs !38.0 !38.3
Loans and Advances Io PelaIed ParIies (PeIer NoIes 38 and 44) 44!.! 77.4
Loans and Advances Io Enployees } OIhers 46.3 S0.9
Prepaid Expenses !S.8 !7.8
Advance lncone Tax |NeI oI Provisions ` ?,600.7 Nillion
(Previous Year ` ?,600.7 Nillion)]
3,88S.4 ?,397.7
Advance Fringe BeneII Tax 0.? 0.?
Balances wiIh GovernnenI AuIhoriIies 649.8 463.S
7,614.9 4,910.9
7!
Notes
` in Million
14 OTHER NON-CURRENT ASSETS
Interest Accrued on Investments - 77.0
Unamortised Premium on Investments !.! !.3
1.1 78.3
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
15 CURRENT INVESTMENTS
A) Current Portion of Long-term Investments (At Cost)
a) In Mutual Funds (Unquoted) (*)
Units of Face Value of ` 10 Each
Axis NuIual Fund- AXlS Fixed Tern Plan - Series 34 (39?)
Days DirecI GrowIh
?00.0 -
?0,000,000 (Previous Year Nil) UniIs
Birla Sun LiIe Fixed Tern Plan-Series
HL(366 days)-GrowIh DirecI
?S0.0 -
?S,000,000 (Previous Year Nil) UniIs
Baroda Pioneer NuIual Fund- Baroda Pioneer
FNP- Series B Plan B (378 Days)-GrowIh Plan
!00.0 -
!0,000,000 (Previous Year Nil) UniIs
DeuIsche NuIual Fund-DWS Fixed NaIuriIy
Plan- Series - ?6 DirecI Plan-GrowIh
400.0 -
40,000,000 (Previous Year Nil) UniIs
FNP -Series 88-!?.SN-DirecI-GrowIh
S00.0 -
S0,000,000 (Previous Year Nil) UniIs
-FNP - Series 89 -!?N-DirecI-GrowIh
S00.0 -
-FNP - Series !!0 -!?N-Peg-GrowIh
?S0.0 -
HSBC Global AsseI NanagenenI-HSBC Fixed
Tern Series 90- GrowIh DirecI Plan- Tenure 37S DAYS
!00.0 -
HSBC Global AsseI NanagenenI-HSBC Fixed Tern
Series 94- GrowIh DirecI Plan- Tenure 37! DAYS
!S0.0 -
!S,000,000 (Previous Year Nil) UniIs
7?
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
lClCl PrudenIial NuIual Fund-lClCl PrudenIial FNP
Series 66 - 4?0 Days Plan A DirecI Plan CunulaIive
?S0.0 -
|P Norgan AsseI NanagenenI -|P Norgan lndia Fixed
NaIuriIy Plan Series !6-DirecI GrowIh
3S0.0 -
3S,000,000 (Previous Year Nil) UniIs
KoIak NuIual Fund-KoIak FNP Series 97 -DirecI GrowIh S00.0 -
L&T NuIual Fund-L&T FNP - Vll (Narch 38!D A)
DirecI Plan GrowIh
?00.0 -
Peliance NuIual Fund-Peliance Fixed Horizon
Fund -XXlll-Series S-DirecI Plan-GrowIh Plan - 8NAG
!,000.0 -
Peligare lnvesco NuIual Fund- Peligare Fixed
NaIuriIy Plan - Series XVll - Plan A
(!7 nonIhs)-DirecI Plan-GrowIh
!40.0 -
Peligare lnvesco NuIual Fund- Peligare Fixed NaIurIy
Plan - Series XVll - Plan F (39? days)-DirecI Plan-GrowIh
?S0.0 -
Peligare lnvesco NuIual Fund- Peligare Fixed
Maturity Plan - Series XVlll - Plan B (386 days)-
DirecI Plan-GrowIh
!60.0 -
SBl NuIual Fund-SBl DebI Fund Series - !3 NonIhs -
!S-DirecI Plan-GrowIh
?S0.0 -
TaIa NuIual Fund- TATA Fixed NaIuriIy Plan Series
4? Schene B-DirecI Plan-GrowIh
?00.0 -
Baroda Pioneer NuIual Fund-Baroda Pioneer Fixed
NaIuriIy Plan- Series A Plan B GrowIh
- !S0.0
Nil (Previous Year !S,000,000) UniIs
BNP Paribas NuIual Fund-BNP Paribas Fixed Tern
Fund Series ?S A DirecI
- ?00.0
BNP Paribas NuIual Fund- 6!8DG}BNP Paribas Fixed
Tern Fund Series ?6 C DirecIPlan GrowIh
!S0.0 -
DeuIsche NuIual Fund-DWS Fixed NaIuriIy Plan-
Series- ?7 DirecI Plan-GrowIh
- 300.0
73
Notes
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
DeuIsche NuIual Fund-DWS Fixed NaIuriIy Plan- Series -
3? DirecI Plan-GrowIh
400.0 -
FNP -Series 84 - !?N-Dir-GrowIh
- ?S0.0
HDFC NuIual Fund-HDFC FNP 369D Decenber
?0!?(!) - GrowIh
- ?00.0
HDFC NuIual Fund-HDFC FNP 37?D |anuary ?0!3 (?)
-DirecI -GrowIh
- !00.0
HDFC NuIual Fund-HDFC Annual lnIerval
Fund Series ! Plan A-DirecI-GrowIh
- ?S0.0
HDFC NuIual Fund-HDFC FNP 370D Aug ?0!3 (3)
series ?7-Pegular -GrowIh
S00.0 -
lClCl PrudenIial NuIual Fund-lClCl PrudenIial FNP
Series 6S-367 Days Plan H CunulaIive
- ?00.0
lClCl PrudenIial NuIual Fund-lClCl PrudenIial lnIerval
Fund Series Vl Annual lnIerval Plan C-DirecI Plan-CunulaIive
- ?S0.0
lClCl PrudenIial NuIual Fund-lClCl PrudenIial lnIerval
Fund Series Vl-Annual lnIerval Plan D-DirecI Plan-CunulaIive
- !00.0
FNP Series 67 - 366 Days Plan B DirecI Plan CunulaIive
- ?00.0
FNP Series 69 - 366 Days Plan G DirecI Plan CunulaIive
?S0.0 -
|P Norgan AsseI NanagenenI -|P Norgan lndia Fixed
NaIuriIy Plan Series !7-DirecI GrowIh
- 400.0
|P Norgan AsseI NanagenenI -|P Norgan lndia Annual
lnIerval Fund-DirecI GrowIh
!S0.0 -
L&T NuIual Fund-L&T FNP - Vll (Narch 367D A) DirecI
Plan GrowIh
- ?S0.0
74
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
Peliance NuIual Fund-Peliance Fixed Horizon Fund -
XX ll-Series 3S-GrowIh Plan (8D-GP)
- ?00.0
Peliance NuIual Fund-Peliance Yearly lnIerval Fund
Series ! -DirecI Plan-GrowIh (Y!-AG)
- ?00.0
Peliance NuIual Fund-Peliance Yearly lnIerval Fund
Series 4 -DirecI Plan-GrowIh (Y4-AG)
- ?S0.0
Peliance NuIual Fund-Peliance Fixed Horizon Fund -
XX lV-Series !!-GrowIh Plan -9GAG
?S0.0 -
Peligare NuIual Fund-Peligare FNP Series XVl Plan D
(370 Days) GrowIh
- !00.0
Peligare NuIual Fund- Peligare Fixed NaIuriIy Plan -
Series XVll - Plan E (369 days)-DirecI Plan-GrowIh
- ?00.0
Peligare NuIual Fund- Peligare Fixed NaIuriIy Plan -
Series XVlll - Plan A (369 days)-DirecI Plan-GrowIh
- !S0.0
Nil (Previous Year !S,000,000) UniIs
Peligare lnvesco NuIual Fund- Peligare Fixed NaIuriIy
Plan - Series XlX - Plan F (370 days)-DirecI Plan-GrowIh
300.0 -
SBl NuIual Fund-SBl DebI Fund Series - 366 Days
-?3-DirecI Plan-GrowIh
- ?S0.0
UTl NuIual Fund-UTl Fixed Tern lncone Fund Series
XlV-V (366 Days) DirecI-GrowIh
- 400.0
Pranerica NuIual Fund-Pranerica Fixed DuraIion
Fund-Series S-DirecI Plan-GrowIh OpIion
!S0.0 -
!S0,000 (Previous Year Nil) UniIs
7,900.0 4,600.0
b) In Deposits
Unquoted
Housing DevelopnenI Finance CorporaIion LId S00.0 S00.0
SlCON LiniIed - S00.0 ?S0.0 7S0.0
Total (A) 8,400.0 5,350.0
7S
Notes
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
B) Other Current Investments
a) In Mutual Funds (Unquoted)
Units of Face Value of ` 10 each
|N Financial NuIual Fund-|N High LiquidiIy Fund
GrowIh OpIion (!3)
- !?0.0
Nil (Previous Year 3,7S6,339) UniIs
Units of Face Value of ` 100 each
lClCl PrudenIial NuIual Fund-lClCl PrudenIial Noney
NarkeI Fund Pegular Plan GrowIh
- ?00.0
Nil (Previous Year !,?33,984) UniIs
Axis NuIual Fund - Axis Liquid Fund- DirecI Plan GrowIh - !?0.0
Nil (Previous Year 9?,39S) UniIs
lndiabulls NuIual Fund- lndiabulls Liquid Fund -DirecI
Plan-GrowIh
- ?00.0
Nil (Previous Year !7S,447) UniIs
Norgan SIanley NuIual Fund-Norgan SIanley Liquid
Fund-GrowIh Plan
- !S0.0
Nil (Previous Year !30,33S) UniIs
DeuIsche NuIual Fund-DWS lnsIa Cash Plus Fund-
Super lnsIiIuIional Plan-GrowIh
?00.0 -
!,?03,!9? (Previous Year Nil) UniIs
Pranerica NuIual Fund-Pranerica Liquid Fund-GrowIh - !S0.0
Nil (Previous Year !!9,904) UniIs
Peligare NuIual Fund-Peligare Liquid Fund-DirecI Plan-GrowIh - !S0.0
Nil (Previous Year 93,096) UniIs
?00.0 !,090.0
b) In Commercial Paper (Unquoted)
Norgan SIanley lndia CapiIal PvI LId - !80D CP !4AG!3 - ?38.!
Nil (Previous Year S00) UniIs oI ` S00,000 each Iully paid
Norgan SIanley lndia CapiIal PvI LId - ?70D CP !?NV!3 - ?3?.4
Nil (Previous Year S00) UniIs oI ` S00,000 each Iully paid
- 470.S
c) In Deposits (Unquoted)
Housing DevelopnenI Finance CorporaIion LId. - ?,000.0
SlCON LiniIed - S00.0
- ?,S00.0
Total (B) 200.0 4,060.5
Total (A+B) 8,600.0 9,410.5
LisIed
76
` in Million
16 INVENTORIES
Raw Materials and Packing Materials S,!!0.! 4,907.7
Goods-in-TransiI 6.3 S,!!6.4 ?S.6 4,933.3
Work-in-Progress ?,7!S.S ?,07?.6
Finished Goods 963.6 !,46!.?
Other Materials and Consumables 388.3 ??0.3
Goods-in-TransiI - 388.3 0.? ??0.S
9,183.8 8,687.6
17 TRADE RECEIVABLES
(Unsecured - Considered Good unless sIaIed oIherwise)
OuIsIanding Ior a period exceeding Six NonIhs Iron Ihe daIe
they are due for payment
Considered Good !,097.8 66!.4
DoubIIul !39.! !3!.7
!,?36.9 793.!
Less. Provision Ior DoubIIul Trade Peceivables !39.! !,097.8 !3!.7 66!.4
Other Trade Receivables 3,4?9.7 6,7!3.9
4,527.5 7,375.3
18 CASH AND CASH EQUIVALENTS
BaIances that meet the denton of Cash and Cash
Equivalents as per AS3 Cash Flow Statements
Cash on Hand 4.! 4.7
Balances with Banks
In Current Accounts !!6.9 !SS.S
ln DeposiI AccounIs wiIh Original NaIuriIy less Ihan 3 NonIhs - !40.0
In EEFC Accounts 64?.? 7S9.! !,9!7.9 ?,?!3.4
763.? ?,?!8.!
Other Bank BaIances
ln DeposiI AccounIs (PeIer FooInoIe) S38.3 !,974.S
In Earmarked Accounts
Unpaid Dividend AccounIs 47.? 4?.4
Balances held as Margin Money or Security against
GuaranIees and OIher ConniInenIs (PeIer FooInoIe)
66.! 6S!.6 76.? ?,093.!
1,414.8 4,311.2
Footnote
OIher Bank Balances include DeposiIs anounIing Io ` ?7S.!
Nillion (Previous Year ` ?S?.7 Nillion) and Nargin Nonies
amounting to ` 66.! Nillion (Previous Year ` 76.? Nillion)
which have an Original NaIuriIy oI nore Ihan !? NonIhs.
77
Notes
` in Million
19 SHORT-TERM LOANS AND ADVANCES
(Unsecured Considered Good unless stated otherwise)
Loans and Advances Io PelaIed ParIies (PeIer NoIes 38 and 44) - 3,43S.7
Loans and Advances Io Enployees } OIhers
Secured ?S?.4 ?S?.S
Unsecured 8!.0 ?,783.4
Considered DoubIIul 4.S 4.S
337.9 3,040.4
Less. Provision Ior DoubIIul Loans and Advances 4.S 333.4 4.S 3,03S.9
Prepaid Expenses 88.S 76.?
Balances wiIh GovernnenI AuIhoriIies ?,!96.4 !,639.9
Advances Ior Supply oI Goods and Services 474.9 307.3
3,093.2 8,495.0
20 OTHER CURRENT ASSETS
(Unsecured Considered Good)
Interest Accrued on Investments !S0.3 ?39.!
Unamortised Premium on Investments 0.? 0.3
Cenvat Credit available on payment 67.4 -
ExporI lncenIives 68!.? 3S3.S
OIher (PeIer NoIe 48(iii)) ?4,00?.0 -
24,901.1 592.9
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
21 REVENUE FROM OPERATIONS
Sale of Products ?8,?37.7 ?3,?97.S
OIher OperaIing Pevenues !,044.8 !,887.4
29,282.5 25,184.9
including Share oI lncone Iron ParInership Firns oI Nil
(Previous Year ` !,00?.7 Nillion)
78
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
22 OTHER INCOME
Net Interest Income
lnIeresI lncone on.
DeposiIs wiIh Banks 77.? !,484.9
Loans and Advances 3S?.S 4?8.4
Current Investments ???.6 46.3
Long-Iern lnvesInenIs ??0.S 67.9
Others !7.8 ?.!
890.6 ?,0?9.6
Less. Finance CosIs
lnIeresI Expense on.
Borrowings 3.! 4.?
Others !80.7 0.?
!83.8 706.8 4.4 ?,0?S.?
Dividend lncone on Long-Iern lnvesInenIs 0.? 0.?
NeI Gain on Sale oI.
Current Investments 393.4 ?83.0
Long-Iern lnvesInenIs 4!9.8 8!3.? ?4.? 307.?
Insurance Claims !.0 6.7
Lease PenIal and Hire Charges ?6.4 !3.8
Miscellaneous Income 46.? 8.6
1,593.8 2,361.7
23 COST OF MATERIALS CONSUMED
Raw and Packing Materials
lnvenIory (Previous year - prior Io spin oH) aI Ihe beginning oI
the year
4,933.3 4,!98.7
Purchases during the year 9,!?9.3 7,79?.S
Inventory at the end of the year (S,!!6.4) (4,933.3)
8,946.2 7,057.9
24 CHANGES IN INVENTORIES OF FINISHED GOODS,
WORK-IN-PROGRESS AND STOCK-IN-TRADE
lnvenIories (Previous year - prior Io spin oH) aI Ihe beginning oI
the year
3,S33.8 3,4?8.S
Inventories at the end of the year (3,679.!) (3,S33.8)
(145.3) (105.3)
79
Notes
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
25 EMPLOYEE BENEFITS EXPENSE
Salaries and Wages ?,348.7 !,8?6.8
Contribution to Provident and Other Funds !36.? ?00.3
SIaH WelIare Expenses 3!!.4 3?!.6
2,796.3 2,348.7
26 OTHER EXPENSES
ConsunpIion oI NaIerials, SIores and Spare ParIs !,849.3 !,7!!.?
Conversion and Other Manufacturing Charges 7!!.3 497.?
Power and Fuel !,!S8.0 934.0
Rent ?9.6 ?9.3
PaIes and Taxes !09.? 88.8
Insurance 94.7 63.!
Selling and DisIribuIion !4!.0 S7.3
Connission and DiscounI 3S4.! ?!S.0
Repairs
Buildings 89.3 87.?
Machinery S4?.6 44?.?
Others ?40.0 87!.9 ?0!.? 730.6
Printing and Stationery S3.6 S0.S
Travelling and Conveyance !!7.8 !33.3
Overseas Travel and ExporI PronoIion !,80S.9 !,?88.3
Communication 8!.? 7!.9
Provision } WriIe oH Ior DoubIIul Trade Peceivables } Advances
Provision Ior DoubIIul Trade Peceivables 7.S 90.6
Sundry Balances } Trade Peceivables wriIIen oH (NeI) 90.S ?.?
Less. AdjusIed ouI oI Provision oI earlier year 0.3 97.7 !.3 9!.S
Professional and Consultancy ?,!!4.7 !,!8?.S
DonaIions S.8 ??.!
Loss on Sale oI Fixed AsseIs (NeI) ?!.! 6.0
lncrease oI Excise DuIy on lnvenIory 4.! ?6.!
NeI Loss on Foreign Currency TransacIions and TranslaIion ?,?03.7 S??.!
PaynenIs Io AudiIors (NeI oI Service Tax)
As Auditors 8.3 7.8
For Other Services ?.0 !.S
PeinbursenenI oI Expenses 0.! !0.4 0.! 9.4
Niscellaneous Expenses |PeIer NoIe 43 and PeIer NoIe 48(iii)] 3,S!0.8 493.6
!S,34S.9 8,??3.8
Less :
Receipts from Research Activities (676.3) (340.!)
14,669.6 7,883.7
80
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
NOTE: RESEARCH AND DEVELOPMENT
EXPENDITURE INCLUDED IN THE STATEMENT OF
PROFIT AND LOSS.
Salaries and Wages 78!.9 6?0.9
Contribution to Provident and Other Funds 36.9 ?9.4
SIaH WelIare Expenses 88.7 6!.3
ConsunpIion oI NaIerials, SIores and Spare ParIs !,!37.4 !,!0!.9
Power and Fuel 64.4 6S.0
Rent 0.! 0.!
PaIes and Taxes !!.S 4.4
Insurance 3.4 !.9
Repairs
Buildings 8.9 !S.4
Machinery 40.9 39.9
Others 44.6 94.4 39.? 94.S
Printing and Stationery !4.S !4.9
Travelling and Conveyance S7.8 37.6
Communication !S.? !4.!
Professional and Consultancy 98S.? 440.?
Loss on Sale oI Fixed AsseIs (NeI) !0.7 0.?
Niscellaneous Expenses 4S0.? ?38.6
3,7S?.3 ?,7?S.0
Less .
NeI lnIeresI lncone |neI oI lnIeresI expense on borrowings ` !.4
Nillion (Previous year ` !.4 Nillion)]
!.! !.4
Receipts from Research Activities 676.3 340.!
Miscellaneous Income 87.8 76S.? ?S.0 366.S
2,987.1 2,358.5

8!
Notes
27 SIGNIFICANT ACCOUNTING POLICIES
I Bass of Accountng
These Inancial sIaIenenIs are prepared under hisIorical cosI convenIion on an accrual basis in accordance
wiIh Ihe Generally AccepIed AccounIing Principles in lndia and Ihe AccounIing SIandards (AS) as noIiIed
under secIion ?!! (3C) oI Ihe Conpanies AcI, !9S6 (which conIinue Io be applicable in respecI oI secIion !33
oI Ihe Conpanies AcI, ?0!3 in Ierns oI general circular !S}?0!3 daIed !3Ih SepIenber, ?0!3 oI Ihe NinisIry oI
CorporaIe AHairs).
II Use of estimates
The presenIaIion oI Inancial sIaIenenIs in conIorniIy wiIh Ihe Generally AccepIed AccounIing Principles in
lndia requires esIinaIes and assunpIions Io be nade IhaI aHecI Ihe reporIed anounIs oI asseIs and liabiliIies
on Ihe daIe oI Ihe Inancial sIaIenenIs and Ihe reporIed anounIs oI revenues and expenses during Ihe
reporIing period. DiHerence beIween Ihe acIual resulI and esIinaIes are recognised in Ihe period in which Ihe
resulIs are known } naIerialised.
III Fixed Assets and Depreciation / Amortisation
Fixed AsseIs including inIangible asseIs are sIaIed aI hisIorical cosI (neI oI cenvaI crediI) less accunulaIed
depreciaIion}anorIisaIion Ihereon and inpairnenI losses, iI any. DepreciaIion on Iangible asseIs is provided on
sIraighI line neIhod aI Ihe raIes speciIed in Schedule XlV Io Ihe Conpanies AcI, !9S6. AsseIs cosIing ` S,000}-
or less are charged oH as expense in Ihe year oI purchase. lnIangible asseIs consisIing oI Iradenarks, designs,
Iechnical knowhow, non-conpeIe Iees and oIher inIangible asseIs are anorIised on sIraighI line neIhod
Iron Ihe daIe Ihey are available Ior use, over Ihe useIul lives oI Ihe asseIs (!0}?0 years), as esIinaIed by Ihe
NanagenenI considering Ihe Ierns oI agreenenI. Leasehold land is anorIised over Ihe period oI lease.
IV Leases
Lease arrangenenIs where Ihe risks and rewards incidenIal Io ownership oI an asseI subsIanIially vesI wiIh Ihe
lessor are recognised as operaIing lease. Lease renIals under operaIing leases are recognised in Ihe SIaIenenI
oI ProII and Loss on a sIraighI-line basis.
V Revenue Recognition
Sale of products is recognised when risks and rewards of ownership of the products are passed on to the
cusIoners, which is generally on despaIch oI producIs. ExporI sales are recognised on Ihe basis oI Bill oI lading
} Airway bill. Sales includes delayed paynenI charges and are sIaIed neI oI reIurns and VAT } Sales Tax, iI any.
VI Investments
lnvesInenIs are classiIed inIo CurrenI and Long Tern lnvesInenIs. CurrenI lnvesInenIs are valued aI lower
oI cosI and Iair value. Long Tern lnvesInenIs are sIaIed aI cosI less provision, iI any, Ior oIher Ihan Ienporary
dininuIion in value.
VII Inventories
lnvenIories consisIing oI raw and packing naIerials, oIher naIerials and consunables including P&D naIerials,
work-in-progress, sIock-in-Irade and Inished goods are sIaIed aI lower oI cosI (raw and packing naIerials
and sIock-in-Irade - speciIc idenIiIcaIion neIhod, oIher naIerials and consunables - FlFO basis, work-in-
progress and Inished goods - weighIed average neIhod) and neI realisable value.
VIII Research and Development
The research and developnenI cosI is accounIed in accordance wiIh AccounIing SIandard - ?6 'lnIangible
AsseIs'. All relaIed revenue expendiIure incurred on original and planned invesIigaIion underIaken wiIh Ihe
prospecI oI gaining new scienIiIc or Iechnical knowledge and undersIanding up Io Ihe Iine when iI is possible
Io denonsIraIe probable IuIure econonic beneIIs, is recognised as research expenses and charged oH Io Ihe
SIaIenenI oI ProII and Loss, as incurred. All subsequenI expendiIure incurred Ior producI developnenI on
Ihe applicaIion oI research Indings or oIher knowledge upon denonsIraIion oI probabiliIy oI IuIure econonic
beneIIs, prior Io Ihe connencenenI oI producIion, Io Ihe exIenI idenIiIable and possible Io segregaIe are
accunulaIed and carried Iorward as developnenI expendiIure under lnIangible asseIs under developnenI,
8?
Io be capiIalised as an inIangible asseI on conpleIion oI Ihe projecI. ln case a projecI does noI proceed as per
expecIaIions } plans, Ihe sane is abandoned and Ihe anounI classiIed as developnenI expendiIure under
lnIangible asseIs under developnenI is charged oH Io Ihe SIaIenenI oI ProII and Loss.
IX Foreign Currency Transactions
TransacIions denoninaIed in Ioreign currencies are recorded aI Ihe exchange raIe IhaI approxinaIes Ihe acIual
raIe prevailing aI Ihe daIe oI Ihe IransacIion. NoneIary iIens denoninaIed in Ioreign currency aI Ihe year
end are IranslaIed aI year end raIes. ln respecI oI noneIary iIens, which are covered by Iorward exchange
conIracIs, Ihe diHerence beIween Ihe year end raIe and Ihe raIe on Ihe daIe oI Ihe conIracI is recognised as
exchange diHerence and Ihe preniun on such Iorward conIracIs is recognised over Ihe liIe oI Ihe Iorward
conIracI. The exchange diHerences arising on seIIlenenI } IranslaIion are recognised in Ihe SIaIenenI oI ProII
and Loss. Non noneIary iIens are carried aI hisIorical cosI.
X Derivative Accounting:
Forward ConIracIs in Ihe naIure oI highly probable IorecasIed IransacIions } Irn conniInenIs enIered inIo
Ior hedging Ihe risk oI Ioreign currency exposure are accounIed Ior on Ihe principles oI prudence as enunciaIed
in AccounIing SIandard ! (AS-!) "Disclosure oI AccounIing Policies. PursuanI Io Ihis, losses, iI any, on Nark Io
NarkeI basis, are recognised in Ihe SIaIenenI oI ProII and Loss and gains are noI recognised on prudenI basis.
XI Taxes on Income
Provision Ior Iax conprises oI CurrenI Tax and DeIerred Tax. CurrenI Tax provision has been nade on Ihe
basis oI relieIs and deducIions available under Ihe lncone Tax AcI, !96!. DeIerred Iax resulIing Iron "Iining
diHerences beIween Iaxable and accounIing incone is accounIed Ior using Ihe Iax raIes and laws IhaI are
enacIed or subsIanIively enacIed as on Ihe Balance SheeI daIe. The deIerred Iax asseI is recognised and carried
Iorward Ior Iining diHerences oI iIens oIher Ihan unabsorbed depreciaIion and accunulaIed losses only Io
Ihe exIenI IhaI Ihere is a reasonable cerIainIy IhaI Ihe asseIs can be realised in IuIure. However, iI Ihere is
unabsorbed depreciaIion or carry Iorward oI losses deIerred Iax asseIs are recognized only iI Ihere is virIual
cerIainIy IhaI Ihere will be suHcienI IuIure Iaxable incone available Io realise Ihe asseIs. DeIerred Iax asseIs
are reviewed as aI each Balance SheeI daIe Ior Iheir realisabiliIy.
XII EmpIoyee Benets
(a) The Conpany's conIribuIion in respecI oI providenI Iund is charged Io Ihe SIaIenenI oI ProII and Loss
each year.
(b) WiIh respecI Io graIuiIy liabiliIy, Conpany conIribuIes Io LiIe lnsurance CorporaIion oI lndia (LlC) under
LlC's Group GraIuiIy policy. GraIuiIy liabiliIy as deIernined on acIuarial basis by Ihe independenI valuer is
charged Io Ihe SIaIenenI oI ProII and Loss.
(c) LiabiliIy Ior accunulaIed conpensaIed absences oI enployees is ascerIained Ior on acIuarial valuaIion
basis and provided Ior as per Ihe Conpany rules.
XIII Borrowng Costs
Borrowing cosIs aIIribuIable Io Ihe acquisiIion or consIrucIion oI qualiIying asseIs upIo Ihe daIe oI
capiIalisaIion oI such asseIs are capiIalised and added Io Ihe cosI oI asseI. OIher borrowing cosIs are
recognised as an expense in Ihe period in which Ihey are incurred.
XIV Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is a present obligation as a result of past events and it is probable
IhaI an ouIIow oI resources will be required Io seIIle Ihe obligaIion in respecI oI which a reliable esIinaIe oI Ihe
anounI oI Ihe obligaIion can be nade. ConIingenI liabiliIy is disclosed Ior (i) Possible obligaIions which will be
conIrned only by IuIure evenIs noI wholly wiIhin Ihe conIrol oI Ihe Conpany or (ii) PresenI obligaIions arising
Iron pasI evenIs where iI is noI probable IhaI an ouIIow oI resources will be required Io seIIle Ihe obligaIion
or a reliable esIinaIe oI Ihe anounI oI Ihe obligaIion can noI be nade. ConIingenI AsseIs are noI recognised in
Ihe Inancial sIaIenenIs.
83
Notes
XV Government Grants / Subsidy
GovernnenI granIs, iI any, are accounIed when Ihere is reasonable assurance IhaI Ihe enIerprise will conply
wiIh Ihe condiIions aIIached Io Ihen and iI is reasonably cerIain IhaI Ihe ulIinaIe collecIion will be nade.
CapiIal subsidy in naIure oI governnenI granIs relaIed Io speciIc Ixed asseIs is accounIed Ior where collecIion
is reasonably certain and the same is shown as a deduction from the gross value of the asset concerned in
arriving aI iIs book value and accordingly Ihe depreciaIion is provided on Ihe reduced book value.
XVI Impairment of Assets
The Conpany assesses, aI each Balance SheeI daIe, wheIher Ihere is any indicaIion IhaI an asseI nay be
inpaired. lI any such indicaIion exisIs, Ihe Conpany esIinaIes Ihe recoverable anounI oI Ihe asseI. lI such
recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset
belongs is less Ihan iIs carrying anounI, Ihe carrying anounI is reduced Io iIs recoverable anounI. The
reducIion is IreaIed as an inpairnenI loss and is recognised in Ihe SIaIenenI oI ProII and Loss. lI aI Ihe
Balance SheeI daIe Ihere is an indicaIion IhaI iI a previously assessed inpairnenI loss no longer exisIs or nay
have decreased, Ihe recoverable anounI is reassessed and Ihe asseI is reIecIed aI Ihe lower oI recoverable
anounI and Ihe carrying anounI IhaI would have been deIernined had no inpairnenI loss being recognised.
Such reversal oI inpairnenI loss is recognised in Ihe SIaIenenI oI ProII and Loss.
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
28 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT
NOT PROVIDED FOR)
i Contingent Liabilities
A Claims against the Company not acknowledged as debts
?4.0 34.6
B GuaranIees .
GuaranIees given by Ihe bankers on behalI oI Ihe Conpany
374.? ??7.4
CorporaIe GuaranIees
86.0 !49.?
C OIhers .
LeIIers oI CrediI Ior lnporIs
?,!03.? 463.?
LiabiliIies DispuIed - Appeals Iled wiIh respecI Io .
lncone Tax on accounI oI Disallowances } AddiIions
4,9?7.8 ?77!.?
Sales Tax on accounI oI PebaIe } ClassiIcaIion
48.S 48.4
Excise DuIy on accounI oI ValuaIion } CenvaI CrediI
93.6 3??.?
ESIC Contribution on account of applicability
0.? 0.?
Drug Price EqualisaIion AccounI |DPEA] on accounI oI denand Iowards
uninIended beneII, including inIeresI Ihereon, enjoyed by Ihe Conpany
!4.0 !4.0
Denand by |DGFT inporI duIy wiIh respecI Io inporI alleged Io be in
excess oI enIiIlenenI as per Ihe Advanced Licence Schene
!4.6 !3.9
ii Commitments
a EsIinaIed anounI oI conIracIs renaining Io be execuIed on capiIal
accounI |neI oI advances].
6,?79.? ?,647.0
b Uncalled liability on partly paid investments
0.S 0.4
c DerivaIive relaIed ConniInenIs - Forward Foreign Exchange ConIracIs
4,?00.0 4,34?.4
84
29 DISCLOSURES RELATING TO SHARE CAPITAL
i Rights, Preferences and Restrictions attached to Equity Shares
The EquiIy Shares oI Ihe Conpany, having par value oI ` ! per share, rank pari passu in all respecIs including voIing
righIs and enIiIlenenI Io dividend.
ii Reconciliation of the number of shares and amount outstanding at the beginning and at the end
of reporting period
EquiIy shares oI ` 1 each
As at
31st March, 2014
As at
3!sI Narch, ?0!3
No. of Shares ` in Million No. oI Shares ` in Million
Opening Balance !,03S,S8!,9SS !,03S.6 !,03S,S8!,9SS !,03S.6
Add . Bonus shares issued during Ihe year !,03S,S8!,9SS !,03S.6 - -
Closing Balance ?,07!,!63,9!0 ?,07!.? !,03S,S8!,9SS !,03S.6
iii !,03S,S8!,9SS (Previous Year Nil) EquiIy Shares oI ` 1 each have been allotted as fully paid up bonus shares during
Ihe period oI Ive years innediaIely preceding Ihe daIe aI which Ihe Balance SheeI is prepared.
iv Equity Shares held by each shareholder holding more than 5 percent Equity Shares in the Company are as
follows:
Name of Shareholders
As at
31st March, 2014
As at
3!sI Narch, ?0!3
No. of
Shares held
% of
Holding
No. oI
Shares held
oI
Holding
Dilip ShanIilal Shanghvi ?3!,!40,480 !!.? !!S,S70,?40 !!.?
VidiIi lnvesInenIs PvI. LId. ?0!,38S,3?0 9.7 !00,69?,660 9.7
Tejaskiran Pharnachen lndusIries PvI. LId. !9S,343,760 9.4 97,67!,880 9.4
Fanily lnvesInenI PvI. LId. !8?,9?7,440 8.8 9!,463,7?0 8.8
QualiIy lnvesInenI PvI. LId. !8?,868,640 8.8 9!,434,3?0 8.8
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
30 RESEARCH AND DEVELOPMENT EXPENDITURE
Pevenue (Excluding DepreciaIion) ?,987.! ?,3S8.S
Capital 47!.6 377.?
Total 3,458.7 2,735.8
8S
Notes
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
31 INFORMATION RELATING TO CONSUMPTION
OF MATERIALS
Raw Materials 7,07S.0 S,839.0
Packing Materials !,87!.? !,?!8.9
Total 8,946.2 7,057.9
None oI Ihe iIens individually accounI Ior nore Ihan !0 oI IoIal consunpIion.
Imported and Indigenous
Imported 46.89 4,!9S.0 S4.47 3,844.S
Indigenous S3.!! 4,7S!.? 4S.S3 3,?!3.4
Total 100.00 8,946.2 100.00 7,057.9
Stores and Spare Parts and Other Materials
Imported ?8.!9 S?!.3 30.74 S?6.0
Indigenous 7!.8! !,3?8.0 69.?6 !,!8S.?
Total 100.00 1,849.3 100.00 1,711.2
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
32 INFORMATION RELATING TO PURCHASES OF STOCK-IN-TRADE
Formulations !,843.8 !,9??.!
Bulk Drugs 4.9 48.7
Others !.7 38.8
Total 1,850.4 2,009.6
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
33 INFORMATION RELATING TO SALE OF PRODUCTS
Formulations ?0,3?6.S !6,S80.?
Bulk Drugs 7,8?7.9 6,6!8.8
Others 83.3 98.S
Total 28,237.7 23,297.5
86
` in Million
As at
31st March, 2014
As at
3!sI Narch, ?0!3
Finished
Goods
Work-n-
Progress
Finished
Goods
Work-in-
Progress
34 INFORMATION RELATING TO INVENTORIES OF
FINISHED GOODS, WORK-IN-PROGRESS AND
STOCK-IN-TRADE
Formulations ?!4.7 488.7 ?97.? 497.7
Bulk Drugs 748.9 ?,??6.8 !,!64.0 !,S74.9
Total 963.6 2,715.5 1,461.2 2,072.6
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
35 INCOME/EXPENDITURE IN FOREIGN CURRENCY
Income
ExporIs (FOB basis)
??,7!3.3 !9,?38.0
Interest
- 4.!
Royalty
S0.3 3.3
Others
404.4 369.8
ExpendiIure
Paw NaIerials (ClF basis)
?,894.7 ?,69?.0
Packing NaIerials (ClF basis)
900.8 944.4
CapiIal Goods (ClF basis)
!,489.4 !,?!7.6
Spares and ConponenIs (ClF basis)
493.8 498.6
Professional Charges
!,747.3 !,0?S.6
Overseas Travel
!!6.8 !!0.0
Interest !S8.? -
Others
4,8?7.6 !,388.4
36 The neI Exchange Loss oI ` !,740.0 Nillion (Previous Year Loss oI ` 39.9 Nillion) is included in Pevenue Iron OperaIions,
CosI oI NaIerials Consuned and OIher Expenses in Ihe SIaIenenI oI ProII and Loss, as applicable.
37 DISCLOSURES UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT,
2006:
( a ) An anounI oI ` 69.7 Nillion (Previous Year ` 66.? Nillion) and ` NlL (Previous Year ` NlL) was due and
ouIsIanding Io suppliers as aI Ihe end oI Ihe accounIing year on accounI oI Principal and lnIeresI respecIively.
( b ) No inIeresI was paid during Ihe year.
87
Notes
( c ) No inIeresI is payable aI Ihe end oI Ihe year under Nicro, Snall and Nediun EnIerprises DevelopnenI AcI, ?006.
( d ) No anounI oI inIeresI was accrued and unpaid aI Ihe end oI Ihe accounIing year.
The above inIornaIion and IhaI given in NoIe 8 "Trade Payables regarding Nicro and Snall EnIerprises has
been deIernined Io Ihe exIenI such parIies have been idenIiIed on Ihe basis oI inIornaIion available wiIh Ihe
Conpany. This has been relied upon by Ihe audiIors.
38 RELATED PARTY DISCLOSURE (AS-18) - AS PER ANNEXURE A
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
39 ACCOUNTING STANDARD (AS-20) ON EARNINGS PER SHARE
(Loss) } ProII AHer Tax - used as NuneraIor Ior calculaIing Earnings per share
(?8,?8S.?) S,!6S.S
Weighted Average number of Shares used in computing basic and diluted
earnings per share
?,07!,!63,9!0 ?,07!,!63,9!0
Noninal Value Per Share (in `)
1 1
Basic and DiluIed Earnings Per Share (in `)
(!3.7) ?.S
ln Ierns oI Ihe resoluIion passed by Ihe shareholders by way oI PosIal BalloI on !SIh |uly, ?0!3, Ihe Conpany has
alloIIed !,03S,S8!,9SS bonus equiIy shares on 3rd AugusI, ?0!3 in Ihe raIio oI ! equiIy share oI ` 1 each fully paid up for
every equiIy share oI ` ! each held. ConsequenIly, Ihe Earnings Per Share oI ` 1 each for the previous year have been
resIaIed based on Ihe nunber oI equiIy shares posI bonus issue, i.e. ?,07!,!63,9!0 equiIy shares, in accordance wiIh
AccounIing SIandard (AS-?0) on 'Earnings Per Share'.
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
40 ACCOUNTING STANDARD (AS-17) ON SEGMENT REPORTING
(a) Primary Segment
The Conpany has idenIiIed "PharnaceuIicals" as Ihe only prinary
reporIable business segnenI.
(b) Secondary SegnenI (by Geographical SegnenI )
India
4,74?.7 3,3!8.9
Outside India
?3,49S.0 !9,978.6
Sale of Products
28,237.7 23,297.5
88
ln view oI Ihe inIerwoven}inIernix naIure oI business and nanuIacIuring IaciliIy, oIher segnenIal inIornaIion is noI
ascerIainable.
41 ACCOUNTING STANDARD (AS-15) ON EMPLOYEE BENEFITS
ConIribuIions are nade Io Pecognised ProvidenI Fund, Fanily Pension Fund, ESlC and oIher SIaIuIory Funds which
covers all regular enployees. While boIh Ihe enployees and Ihe Conpany nake predeIernined conIribuIions Io Ihe
ProvidenI Fund and ESlC, conIribuIion Io Ihe Fanily Pension Fund are nade only by Ihe Conpany. The conIribuIions
are nornally based on a cerIain proporIion oI Ihe enployee's salary. AnounI recognised as expense in respecI oI Ihese
deIned conIribuIion plans, aggregaIe Io ` !!8.S Nillion (Previous year ` 94.8 Nillion)
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
Contribution to Provident Fund
!!0.S 87.6
ConIribuIion Io Enployees SIaIe lnsurance Schene (ESlC) and
Enployees DeposiI Linked lnsurance (EDLl)
7.9 7.!
ConIribuIion Io Labour WelIare Fund
0.! 0.!
ln respecI oI GraIuiIy, ConIribuIions are nade Io LlC's Pecognised Group GraIuiIy Fund Schene based on
anounI denanded by LlC oI lndia. Provision Ior GraIuiIy is based on acIuarial valuaIion done by independenI
acIuary as aI Ihe year end. AcIuarial ValuaIion Ior ConpensaIed Absences is done as aI Ihe year end and
Ihe provision is nade as per Conpany rules wiIh corresponding charge Io Ihe SIaIenenI oI ProII and Loss
amounting to ` 4!.9 Nillion (Previous Year ` 7S.S Nillion) and iI covers all regular enployees. Najor drivers in
acIuarial assunpIions, Iypically, are years oI service and enployee conpensaIion. ConniInenIs are acIuarially
deIernined using Ihe 'ProjecIed UniI CrediI' neIhod. Gains and losses on changes in acIuarial assunpIions are
accounIed Ior in Ihe SIaIenenI oI ProII and Loss.
Category of Plan Assets : The Conpany's Plan AsseIs in respecI oI GraIuiIy are Iunded Ihrough Ihe Group
Schene oI Ihe LlC oI lndia.
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
ln respecI oI graIuiIy (Iunded).
ReconcIaton of IabIty ] (asset) recognsed n the BaIance Sheet
PresenI value oI conniInenIs (as per AcIuarial ValuaIion) 30S.7 ?S6.9
Fair value of plan assets (?48.?) (?49.3)
NeI liabiliIy } (asseI) in Ihe Balance SheeI S7.S 7.6
Novement n net IabIty ] (asset) recognsed n the BaIance Sheet
NeI liabiliIy } (asseI) as aI Ihe beginning oI Ihe year 7.6 (34.?)
Net plan assets transferred 47.9 !?.!
NeI expense recognised in Ihe SIaIenenI oI ProII and Loss 39.8 66.S
Contribution during the year (37.8) (36.8)
NeI liabiliIy } (asseI) in Ihe Balance SheeI S7.S 7.6
Expense recognsed n the Statement of Prot and Loss
Current service cost ?9.8 ?0.!
Interest cost ?!.? !S.0
ExpecIed reIurn on plan asseIs (?0.6) (!6.9)
Actuarial loss 9.4 48.3
Expense charged Io Ihe SIaIenenI oI ProII and Loss 39.8 66.S
Return on plan assets
ExpecIed reIurn on plan asseIs ?0.6 !6.9
89
Notes
` in Million
Year ended
31st March, 2014
Year ended
3!sI Narch, ?0!3
Actuarial gain
0.! 4.7
Actual return on plan assets ?0.7 ?!.6
ReconcIaton of dened-benet commtments
Commitments as at the beginning of the year ?S6.9 ?99.?
Commitments transferred 8.6 (!??.3)
Current service cost ?9.8 ?0.!
Interest cost ?!.? !S.0
Paid beneIIs (?0.3) (8.!)
Actuarial loss 9.S S3.0
Commitments as at the year end 30S.7 ?S6.9
Reconciliation of plan assets
Plan assets as at the beginning of the year ?49.3 333.4
Plan assets transferred (39.3) (!34.4)
ExpecIed reIurn on plan asseIs ?0.6 !6.9
Contributions during the year 37.8 36.8
Paid beneIIs (?0.3) (8.!)
Actuarial gain 0.! 4.7
Plan assets as at the year end ?48.? ?49.3
The acIuarial calculaIions used Io esIinaIe conniInenIs and expenses in respecI oI graIuiIy and
conpensaIed absences are based on Ihe Iollowing assunpIions which iI changed, would aHecI Ihe
conniInenI's size, Iunding requirenenIs and expense.
DiscounI raIe 9.3! 8.?S
ExpecIed reIurn on plan asseIs 9.3! 8.?S
ExpecIed raIe oI salary increase 7.00 7.00
Mortality
Indian Assured
Lives NorIaliIy
(?006-08)
Ultimate
Indian Assured
Lives NorIaliIy
(?006-08)
Ultimate
The esIinaIes oI IuIure salary increases, considered in Ihe acIuarial valuaIion, Iakes inIo accounI inIaIion,
senioriIy, pronoIion and oIher relevanI IacIors such as supply and denand in Ihe enploynenI narkeI.
` in Million
Year ended
31st
March,
2014
3!sI Narch,
?0!3
3!sI Narch,
?0!?
3!sI Narch,
?0!!
3!sI Narch,
?0!0
Experience adjusInenI
On plan liabilities 4S.? ?0.? ?S.? !7.S S6.S
On plan assets 0.! 4.7 6.4 3.3 3.3
PresenI value oI beneII obligaIion 30S.7 ?S6.9 ?99.? ?48.3 ?!?.7
Fair value of plan assets (?48.?) (?49.3) (333.4) (?74.?) (??8.S)
Excess oI obligaIion over plan asseIs }
(plan asseIs over obligaIion)
S7.S 7.6 (34.?) (?S.9) (!S.8)
The conIribuIion expecIed Io be nade by Ihe Conpany during Inancial year ending 3!sI Narch, ?0!S is
` 83.3 Nillion (Previous Year ` 48.! Nillion).
90
42 ACCOUNTING STANDARD (AS-19) ON LEASES
(a) The Conpany has given cerIain prenises Ior iIs operaIions and PlanI and Nachinery under operaIing lease or
leave and license agreenenIs. These are generally noI non-cancellable and range beIween !! nonIhs Io S years
under leave and license, or longer Ior oIher lease and are renewable by nuIual consenI on nuIually agreeable
Ierns. The Conpany has received reIundable inIeresI Iree securiIy deposiIs where applicable in accordance wiIh
Ihe agreed Ierns. (b) The Conpany has obIained cerIain prenises Ior iIs business operaIions (including IurniIure
and IIIings, Iherein as applicable) under operaIing lease or leave and license agreenenIs. These are generally
noI non-cancellable and range beIween !! nonIhs Io S years under leave and license, or longer Ior oIher lease
and are renewable by nuIual consenI on nuIually agreeable Ierns. The Conpany has given reIundable inIeresI
Iree securiIy deposiIs in accordance wiIh Ihe agreed Ierns. (c) Lease receipIs } paynenIs are recognised in Ihe
SIaIenenI oI ProII and Loss under "PenI in NoIe ?? and ?6 respecIively.
43 Niscellaneous Expenses includes ` 433.9 Nillion (Previous year Nil) Iowards ProducI SeIIlenenI Expense.
` in Million
As at 31st
March, 2014
Maximum
BaIance
As at 31st
Narch, ?0!3
Naxinun
Balance
2013-14 ?0!?-!3
44 LOANS / ADVANCES DUE FROM SUBSIDIARIES
Loans
Green Eco DevelopnenI CenIre LId 4.4 4.4 4.4 4.4
Skisen Labs PrivaIe LiniIed 3S6.0 3S6.0 - -
Sun Pharna Drugs PrivaIe LiniIed - !,86S.S !,86S.S 7,879.!
Sun Pharna NedicaIion PrivaIe LiniIed - 83!.8 83!.8 7,30?.4
Sun Pharna LaboraIories LiniIed - - - S07.!
Advances: Share Application Money to
Sun Pharna De Nexico, S.A. DE C.V. 80.7 80.7 73.0 73.0
441.1 2,774.7
AnalganaIed inIo Sun Pharna LaboraIories LiniIed w.e.I. !sI SepIenber, ?0!? pursuanI Io a CourI approved schene.
45 lnIangible asseIs consisIing oI Iradenarks, designs, Iechnical knowhow, non conpeIe Iees and oIher inIangible
asseIs are sIaIed aI cosI oI acquisiIion based on Iheir agreenenIs and are available Io Ihe Conpany in perpeIuiIy. The
depreciable amount of intangible assets is arrived at based on the managements best estimates of useful lives of
such asseIs aHer due consideraIion as regards Iheir expecIed usage, Ihe producI liIe cycles, Iechnical and Iechnological
obsolescence, narkeI denand Ior producIs, conpeIiIion and Iheir expecIed IuIure beneIIs Io Ihe Conpany.
46 LEGAL PROCEEDINGS
The Conpany and } or iIs subsidiaries are involved in various legal proceedings including producI liabiliIy, conIracIs,
enploynenI clains and oIher regulaIory naIIers relaIing Io conducI oI iIs business. The Conpany carries producI
liabiliIy insurance } is conIracIually indenniIed by Ihe nanuIacIurer, in an anounI iI believes is suHcienI Ior iIs needs.
ln respecI oI oIher clains, Ihe Conpany believes, Ihese clains do noI consIiIuIe naIerial liIigaIion naIIers and wiIh
iIs neriIorious deIences Ihe ulIinaIe disposiIion oI Ihese naIIers will noI have naIerial adverse eHecI on iIs Financial
SIaIenenIs.
47 CurrenI Tax is neI oI wriIe back oI Provision Ior Fringe BeneII Tax (neI) oI Nil (Previous Year ` 0.? Nillion) perIaining Io
earlier year.
48 PursuanI Io Ihe schene oI arrangenenI in Ihe naIure oI denerger and IransIer oI speciIed underIaking oI
Sun Pharna Global FZE, a wholly owned subsidiary, inIo Ihe Conpany w.e.I !sI Nay, ?0!3, wiIhouI any consideraIion,
9!
Notes
on a going concern basis consisIing oI all Ihe asseIs and liabiliIies perIaining Io Ihe said underIakings, being approved
by shareholders oI boIh Ihe conpanies and subsequenIly approved by Ihe Hon'ble High CourI oI GujaraI and
conpleIion oI oIher regulaIory conpliances, Ihe schene has been given eHecI Io in Ihese Inancial sIaIenenIs and
accordingly.
i. The Financial SIaIenenIs Ior Ihe year ended 3!sI Narch ?0!4 which were earlier approved by Board oI DirecIors
on ?9Ih Nay, ?0!4 and audiIed by Ihe sIaIuIory audiIors oI Ihe Conpany have been revised.
ii. All Ihe asseIs and liabiliIies perIaining Io Ihe said underIaking oI Sun Pharna Global FZE sIand IransIerred Io
and vesIed in Ihe Conpany as a going concern, as aI !sI Nay, ?0!3 aI carrying values as disclosed in Ihe noIes Io
Ihe revised Financial SIaIenenIs oI Sun Pharna Global FZE on which Iheir audiIors have issued a revised audiI
reporI daIed !0Ih AugusI, ?0!4 and Ihe resulIanI diHerence anounIing Io ` ?8,!09.9 Nillion being Ihe excess oI
asseIs over liabiliIies has been crediIed Io CapiIal Peserve AccounI.
iii. On !!Ih |une, ?0!3, Sun Pharna Global FZE (SPG), a wholly owned subsidiary has enIered inIo seIIlenenI
agreenenI Ior USD SS0.0 Nillion (including USD 44.0 Nillion borne by Caraco PharnaceuIical LaboraIories
LId) wiIh PIzer lnc., USA, WyeIh LLC USA and Nyconed GnbH, Gernany in seIIlenenI oI Ihe clain oI paIenI
inIringenenI liIigaIion relaIed Io generic version oI "ProIonix. SPG has enIered inIo an agreenenI wiIh a Ihird
party in terms of which the said party has agreed to bear damages on account of patent infringement to the
exIenI oI USD 400.0 Nillion (equivalenI Io ` ?4,00?.0 Nillion) in consideraIion oI SPG agreeing Io sell Ihen
pharnaceuIical producIs aI a negoIiaIed discounIed price Ior a speciIed period. Accordingly, a provision oI
USD 438.S Nillion (equivalenI Io ` ?6,3!?.? Nillion) |(including oIher relaIed expecIed discounI and incidenIal
expenses oI USD 38.S Nillion (equivalenI Io ` ?,3!0.? Nillion)] Iowards esIinaIed expecIed liabiliIy on Ihis
accounI, has been accounIed Ior and given eHecI in Ihese Inancial sIaIenenIs. The above charge oI USD S06.0
Nillion (equivalenI Io ` ?8,7S6.0 Nillion) has been considered as excepIional iIen and ` ?,38!.? Nillion has been
included in niscellaneous expenses.
49 ln Narch ?0!4, Ihe US FDA issued an inporI alerI Io Ihe Conpany Ior iIs cephalosporin IaciliIy locaIed aI Karkhadi,
GujaraI in lndia. The warning leIIer perIaining Io Ihis inporI alerI was issued by Ihe US FDA in Nay ?0!4. The
leIIer idenIiIes pracIices aI Ihe IaciliIy which are non-conplianI wiIh currenI Good NanuIacIuring PracIice (cGNP)
regulaIions. The Conpany renains Iully conniIIed Io conpliance and has already iniIiaIed several correcIive sIeps
Io address Ihe observaIions nade by Ihe US FDA. lI is conniIIed Io working co-operaIively and expediIiously wiIh
Ihe US FDA Io resolve Ihe naIIers indicaIed in iIs leIIer. UnIil Ihese naIIers are resolved Io Ihe saIisIacIion oI Ihe US
FDA, Ihe US FDA nay, in Ihe near Iern, wiIhhold approval oI pending new drug applicaIions Iron Ihis IaciliIy.
The conIribuIion oI Ihis IaciliIy Io Conpany's revenues is noI signiIcanI.
50 ConsequenI Io giving eHecI Io Ihe Schene oI ArrangenenI as reIerred in NoIe 48 above, resulIing in Ihe absence
oI neI proIIs in Ihe conpany Ior Ihe year, (i) renuneraIion Io Ihe Nanaging DirecIor and Ihe Whole-Iine DirecIors
oI Ihe Conpany Ior Ihe year ended 3!sI Narch, ?0!4 has exceeded Ihe liniIs speciIed under Schedule Xlll Io Ihe
Conpanies AcI, !9S6 by ` 44.7 Nillion, and (ii) connission oI ` 6.4 Nillion Ior Ihe year ended 3!sI Narch, ?0!4 Io Ihe
Non-ExecuIive DirecIors oI Ihe Conpany has exceeded in Ierns oI secIion 309(4) read wiIh secIion 309(S) oI Ihe
Conpanies AcI,!9S6. The Conpany is in Ihe process oI seeking approval Iron Ihe shareholders oI Ihe Conpany and
Ihe CenIral GovernnenI oI lndia in respecI oI Ihe aIoresaid anounIs.
51 The Conpany enIers inIo Forward Exchange ConIracIs being derivaIive insIrunenIs, which are noI inIended Ior
Irading or speculaIive purposes, buI Ior hedge purposes, Io esIablish Ihe anounI oI reporIing currency required or
available aI Ihe seIIlenenI daIe.
A) The Iollowing are Ihe ouIsIanding Forward Exchange ConIracIs enIered inIo by Ihe Conpany as on 3!sI Narch, ?0!4
Amount in Million
Currency Buy}Sell Cross Currency 31st March, 2014 3!sI Narch, ?0!3
US Dollar Sell
`
$?40.0 $?S0.0
9?
B) The year end Ioreign currency exposures IhaI have noI been hedged by a derivaIive insIrunenI or oIherwise
are given below.
a) AnounIs receivable in Ioreign currency on accounI oI Ihe Iollowing .
Amount in Million
Currency As at 31st March, 2014 As aI 3!sI Narch, ?0!3
Exports of Goods and Services US Dollar $ 3S4.6 ` ?!,?79.0 $ !7.6 ` 9SS.6
Euro t 6.0 ` 49?.0 t 3.9 ` ?69.3
British Pound 0.S ` 46.! 0.7 ` S6.S
(Previous Year CHF !S,000) Swiss Franc - - CHF 0.0 `0.9
Russian Ruble PUB 4!4.9 ` 760.3 PUB 3?!.9 ` S66.6
Bangladesh Taka BDT !S?.? ` !!7.8 - -
b) AnounIs payable in Ioreign currency on accounI oI Ihe Iollowing .
Amount in Million
Currency As at 31st March, 2014 As aI 3!sI Narch, ?0!3
Import of Goods and Services US Dollar $ !!.0 ` 66?.4 $ 7.S ` 407.6
Euro t !.3 ` !!0.6 t 0.8 ` S7.0
British Pound 0.! ` !0.! 0.! ` 8.4
CHF !9,96! (Previous Year CHF 33,?!4) Swiss Franc CHF 0.0 ` !.4 CHF 0.0 ` !.9
Japanese Yen - - |PY S?.3 ` 30.?
(Previous Year lLS 30,!9!) Israel Shakel lLS 0.6 ` 9.S lLS 0.0 ` 0.3
CAD !6,0!? Canadian Dollar CAD 0.0 ` 0.9 - -
Russian Ruble PUB 0.3 ` 0.4 - -
SEK ?,74S ` ?S,??7 Swedish Kroner SEK 0.0 ` 0.0 - -
South African
Rand
ZAP 0.4 ` ?.? - -
AUD 9,?60 AusIralian Dollar AUD 0.0 ` 0.S - -
Commission Payable US Dollar $ S.9 ` 3S!.8 $ 6.0 ` 3?3.6
Euro t 0.8 ` 6S.? t 0.9 ` 6?.?
Loan US Dollar $ 400.0 ` ?4,00?.0 - -
52 Previous years' Igures are regrouped wherever necessary.
93
Notes
ACCOUNTING STANDARD (AS-18) RELATED PARTY DISCLOSURE ANNEXURE A
Names of related parties and description of relationship as on 31st March , 2014
1 Subsidiaries 3 Skyline LLC
AdiIya AcquisiIion Conpany LId.
Aditya Pharma Private limited
Alkaloida Chenical Conpany ZrI.
Alkaloida Sweden AB
AP ScienIiIc.lnc
Caraco Pharma Inc
Caraco PharnaceuIical LaboraIories LId.
Caraco PharnaceuIicals PvI. LId
Chattem Chemicals Inc
Dungan NuIual AssociaIes, LLC
Dusa PharnaceuIicals lnc
Dusa PharnaceuIicals New York lnc
FasIsIone NercanIile Conpany PrivaIe LiniIed
Green Eco DevelopnenI CenIre LId.
KhyaIi PealIy NE LId
Morley and Company Inc
NuIual PharnaceuIical Conpany, lnc.
NeeInav Peal EsIaIe PrivaIe LiniIed
Nogad Holdings
One Connerce Drive LLC
OOO "Sun PharnaceuIical lndusIries" LId.
OrIa LId.
PealsIone NulIiIrade PrivaIe LiniIed
Sirius LaboraIories lnc
Skisen Labs PrivaIe LiniIed
SoHdeal Trading Conpany PrivaIe LiniIed
SPlL De Nexico S.A. DE C.V.
Sun Global Canada PIy. LId.
Sun Global DevelopnenI FZE
Sun LaboraIories FZE
Sun Pharna De Nexico S.A. DE C.V.
Sun Pharna De Venezuela, CA.
Sun Pharna Global (FZE)
Sun Pharna Global lnc.
Sun Pharna HealIhcare FZE
Sun Pharna NedicaIion PvI LId. (SPDPL)
Sun Pharna Drugs PvI LId. (SPNPL)
94
Sun Pharna |apan LId
Sun Pharna LaboraIories LId
Sun Pharna NEA |LT
Sun Pharna Philippines lnc.
Sun Pharna SwiIzerland
Sun PharnaceuIical lndusIries (Europe) B.V.
Sun PharnaceuIical (Bangladesh) LId.
Sun PharnaceuIical lndusIries (AusIralia) PIy. LId.
Sun PharnaceuIical Peru S.A.C.
Sun PharnaceuIical Spain, S.L.U
Sun PharnaceuIical UK LId.
Sun PharnaceuIicals (SA) (PIy) LId.
Sun Pharmaceuticals France
Sun PharnaceuIicals Gernany GnbH
Sun PharnaceuIicals lIalia S.P.L.
SilversIreeI Developers LLP
Sun PharnaceuIicals Korea LId.
Sun Universal LId
Taro DevelopnenI CorporaIion
Taro Hungary lnIellecIual ProperIy Licensing LLC.
Taro lnIernaIional LId.
Taro PharnaceuIical lndia PrivaIe LId.
Taro PharnaceuIical lndusIries LId.
Taro PharnaceuIical LaboraIories lNC
Taro PharnaceuIicals Canada, LId.
Taro PharnaceuIicals Europe B.V.
Taro PharnaceuIicals lnc.
Taro PharnaceuIicals lreland LId.
Taro PharnaceuIicals NorIh Anerica, lnc.
Taro PharnaceuIicals U.S.A., lnc.
Taro PharnaceuIicals UK LId.
Tarochen LId.
TKS FarnaceuIica LIda
UniIed Pesearch LaboraIories, LId.
Universal EnIerprises (PvI) LId (w.e.I. 3!sI AugusI, ?0!?)
UPL Pharna lnc
UPL PharnPro, LLC
9S
Notes
ZAO Sun Pharna lndusIries LId. (LiquidaIed during Ihe year)
2 Controlled Entity Sun Pharmaceutical Industries
Sun Pharma Sikkim
Sun Pharna Drugs
Universal EnIerprise PvI LId (upIo 3!sI AugusI, ?0!?)
3 Key Management
Personnel
Nr. Dilip S. Shanghvi Nanaging DirecIor
Nr. Sudhir V. Valia WholeIine DirecIor
Nr. Sailesh T. Desai WholeIine DirecIor
4 Relatives of Key
Management
Personnel
Nr. Aalok Shanghvi
Ns. Vidhi Shanghvi
Son oI Nanaging DirecIor
DaughIer oI Nanaging
DirecIor
5 Enterprise under
sgncant InHuence
of Key Management
Personnel or their
relatives
Sun PeIrochenicals PvI LId
Navjivan Pasayan (GujaraI) PvI LId
Sun Pharna Advanced Pesearch Conpany LId
ConIrolled enIiIies converIed inIo privaIe liniIed conpanies under ParI lX oI Ihe Conpanies AcI, !9S6 w.e.I. 3!sI AugusI,
?0!?..AnalganaIed in Io Sun Pharna LaboraIories LiniIed w.e.I. !sI SepIenber, ?0!?
lncorporaIed } Acquired during Ihe year
96
N
O
T
E
S

F
O
R
M
I
N
G

P
A
R
T

O
F

T
H
E

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S

F
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
1
s
t

M
a
r
c
h
,

2
0
1
4
A
N
N
E
X
U
R
E

A
C
C
O
U
N
T
I
N
G

S
T
A
N
D
A
R
D

(
A
S
-
1
8
)

"
R
E
L
A
T
E
D

P
A
R
T
Y

D
I
S
C
L
O
S
U
R
E

`

i
n

M
i
l
l
i
o
n
S
u
b
s
i
d
i
a
r
i
e
s
C
o
n
t
r
o
l
l
e
d

E
n
t
i
t
y
K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
R
e
l
a
t
i
v
e
s

o
f

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
E
n
t
e
r
p
r
i
s
e

u
n
d
e
r

s
i
g
n
i
I
c
a
n
I

l
n
I
u
e
n
c
e

o
I

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l

o
r

t
h
e
i
r

r
e
l
a
t
i
v
e
s
T
o
t
a
l
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
P
u
r
c
h
a
s
e
s

o
f

g
o
o
d
s

1
,
9
6
1
.
0

!
,
!
9
8
.
8

-

6
6
8
.
!

-

-

-

-

-

-

1
,
9
6
1
.
0

!
,
8
6
6
.
9
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

!
,
7
?
S
.
S

!
,
0
4
9
.
?

-

-

-

-

-

-

-

-

!
,
7
?
S
.
S

!
,
0
4
9
.
?
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

-

-

-

6
S
0
.
7

-

-

-

-

-

-

-

6
S
0
.
7
A
l
k
a
l
o
i
d
a

C
h
e
n
i
c
a
l

C
o
n
p
a
n
y

Z
r
I

?
3
4
.
?

!
4
9
.
6

-

-

-

-

-

-

-

-

?
3
4
.
?

!
4
9
.
6
O
t
h
e
r
s

!
.
3

-

-

!
7
.
4

-

-

-

-

-

-

!
.
3

!
7
.
4
P
u
r
c
h
a
s
e

o
f

F
i
x
e
d

A
s
s
e
t
s

3
.
9

?
7
.
9

-

-

-

-

-

-

-

0
.
4

3
.
9

?
8
.
3
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

3
.
9

?
S
.
4

-

-

-

-

-

-

-

-

3
.
9

?
S
.
4
T
a
r
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

l
n
d
u
s
I
r
i
e
s

L
I
d

-

?
.
S

-

-

-

-

-

-

-

-

-

?
.
S
O
t
h
e
r
s

-

-

-

-

-

-

-

-

-

0
.
4

-

0
.
4
S
a
l
e

o
f

g
o
o
d
s
1
6
,
3
6
1
.
1
!
?
,
!
S
4
.
6

-

6
S
?
.
6

-

-

-

-

1
6
.
7

?
3
.
S
1
6
,
3
7
7
.
8

!
?
,
8
3
0
.
7
C
a
r
a
c
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
7
,
!
!
0
.
9

6
,
3
3
3
.
?

-

-

-

-

-

-

-

-

7
,
!
!
0
.
9

6
,
3
3
3
.
?
S
u
n

P
h
a
r
n
a

G
l
o
b
a
l

(
F
Z
E
)
4
,
4
6
3
.
4

3
,
3
8
9
.
!

-

-

-

-

-

-

-

-
4
,
4
6
3
.
4

3
,
3
8
9
.
!
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

?
,
6
8
8
.
!

9
4
9
.
!

-

-

-

-

-

-

-

-
?
,
6
8
8
.
!

9
4
9
.
!
O
t
h
e
r
s
?
,
0
9
8
.
7
!
,
4
8
3
.
?

-

6
S
?
.
6

-

-

-

-

!
6
.
7

?
3
.
S
?
,
!
!
S
.
4

?
,
!
S
9
.
3
S
a
l
e

o
f

F
i
x
e
d

A
s
s
e
t
s

4
.
5

6
.
7

-

-

-

-

-

-

0
.
4

-

4
.
9

6
.
7
A
l
k
a
l
o
i
d
a

C
h
e
n
i
c
a
l

C
o
n
p
a
n
y

Z
r
I

4
.
4

6
.
7

-

-

-

-

-

-

-

-

4
.
4

6
.
7
O
t
h
e
r
s

0
.
!

-

-

-

-

-

-

-

0
.
4

-

0
.
S

-
R
e
c
e
i
v
i
n
g

o
f

S
e
r
v
i
c
e
S
e
r
v
i
c
e
s

3
7
.
5

-

-

-

-

-

-

-

5
.
2

!
.
3

4
2
.
7

!
.
3
S
u
n

P
h
a
r
n
a

A
d
v
a
n
c
e
d

P
e
s
e
a
r
c
h

C
o
n
p
a
n
y

L
I
d

-

-

-

-

-

-

-

-

S
.
?

!
.
3

S
.
?

!
.
3
A
d
i
I
y
a

A
c
q
u
i
s
i
I
i
o
n

C
o
n
p
a
n
y

L
I
d

3
7
.
S

-

-

-

-

-

-

-

-

-

3
7
.
S

-
R
e
i
m
b
u
r
s
e
m
e
n
t

o
f

E
x
p
e
n
s
e
s

3
6
6
.
0

3
8
6
.
6

-

-

-

-

-

-

9
.
0

3
!
.
0

3
7
5
.
0

4
!
7
.
6
C
a
r
a
c
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d

?
!
3
.
8

?
S
0
.
9

-

-

-

-

-

-

-

-

?
!
3
.
8

?
S
0
.
9
S
u
n

P
h
a
r
n
a
c
e
u
I
i
c
a
l

l
n
d
u
s
I
r
i
e
s

(
E
u
r
o
p
e
)

B
.
V
.

S
!
.
S

7
8
.
!

-

-

-

-

-

-

-

-

S
!
.
S

7
8
.
!
T
a
r
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

l
n
d
u
s
I
r
i
e
s

L
I
d

?
S
.
?

4
3
.
8

-

-

-

-

-

-

-

-

?
S
.
?

4
3
.
8
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

S
6
.
4

-

-

-

-

-

-

-

-

-

S
6
.
4

-
97
Notes
N
O
T
E
S

F
O
R
M
I
N
G

P
A
R
T

O
F

T
H
E

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S

F
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
1
s
t

M
a
r
c
h
,

2
0
1
4
A
N
N
E
X
U
R
E

A
C
C
O
U
N
T
I
N
G

S
T
A
N
D
A
R
D

(
A
S
-
1
8
)

"
R
E
L
A
T
E
D

P
A
R
T
Y

D
I
S
C
L
O
S
U
R
E

`

i
n

M
i
l
l
i
o
n
S
u
b
s
i
d
i
a
r
i
e
s
C
o
n
t
r
o
l
l
e
d

E
n
t
i
t
y
K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
R
e
l
a
t
i
v
e
s

o
f

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
E
n
t
e
r
p
r
i
s
e

u
n
d
e
r

s
i
g
n
i
I
c
a
n
I

l
n
I
u
e
n
c
e

o
I

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l

o
r

t
h
e
i
r

r
e
l
a
t
i
v
e
s
T
o
t
a
l
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
O
t
h
e
r
s

!
9
.
!

!
3
.
8

-

-

-

-

-

-

9
.
0

3
!
.
0

?
8
.
!

4
4
.
8
R
e
n
d
e
r
i
n
g

o
f

S
e
r
v
i
c
e
S
e
r
v
i
c
e
s

6
0
6
.
6

3
3
7
.
0

-

-

-

-

-

-

0
.
2

-

6
0
6
.
8

3
3
7
.
0
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

S
3
6
.
!

?
7
3
.
6

-

-

-

-

-

-

-

-

S
3
6
.
!

?
7
3
.
6
S
u
n

P
h
a
r
n
a
c
e
u
I
i
c
a
l

(
B
a
n
g
l
a
d
e
s
h
)

L
I
d

4
6
.
9

6
3
.
4

-

-

-

-

-

-

-

-

4
6
.
9

6
3
.
4
O
t
h
e
r
s

?
3
.
6

-

-

-

-

-

-

-

0
.
?

-

?
3
.
8

-
R
e
i
m
b
u
r
s
e
m
e
n
t

o
f

E
x
p
e
n
s
e
s

1
9
5
.
4

!
S
9
.
6

-

0
.
S

-

-

-

-

4
7
.
7

3
S
.
9

2
4
3
.
1

!
9
6
.
0
S
u
n

P
h
a
r
n
a

G
l
o
b
a
l

(
F
Z
E
)

!
8
?
.
4

!
S
!
.
4

-

-

-

-

-

-

-

-

!
8
?
.
4

!
S
!
.
4
S
u
n

P
h
a
r
n
a

A
d
v
a
n
c
e
d

P
e
s
e
a
r
c
h

C
o
n
p
a
n
y

L
I
d

-

-

-

-

-

-

-

-

4
7
.
7

3
S
.
9

4
7
.
7

3
S
.
9
O
t
h
e
r
s

!
3
.
0

8
.
?

-

0
.
S

-

-

-

-

-

-

!
3
.
0

8
.
7
F
i
n
a
n
c
e

(
i
n
c
l
u
d
i
n
g

l
o
a
n
s
,

I
n
v
e
s
t
m
e
n
t

a
n
d

e
q
u
i
t
y

c
o
n
t
r
i
b
u
t
i
o
n
s
)

-

-
C
a
p
i
t
a
l

C
o
n
t
r
i
b
u
t
i
o
n

/

(
W
i
t
h
d
r
a
w
a
l
)

6
,
1
6
2
.
1

!
3
,
!
7
S
.
0

-

(
?
!
,
9
6
9
.
S
)

-

-

-

-

-

-

6
,
1
6
2
.
1

(
8
,
7
9
4
.
S
)
S
u
n

P
h
a
r
n
a

G
l
o
b
a
l

l
n
c

-

!
3
,
!
6
4
.
!

-

-

-

-

-

-

-

-

-

!
3
,
!
6
4
.
!
S
u
n

P
h
a
r
m
a

S
i
k
k
i
m

-

-

-

(
!
?
,
8
8
4
.
0
)

-

-

-

-

-

-

-
(
!
?
,
8
8
4
.
0
)
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

-

-

-

(
9
,
0
8
S
.
S
)

-

-

-

-

-

-

-

(
9
,
0
8
S
.
S
)
S
u
n

P
h
a
r
n
a

G
l
o
b
a
l

(
F
Z
E
)

6
,
!
S
3
.
4

-

-

-

-

-

-

-

-

-

6
,
!
S
3
.
4

-
O
t
h
e
r
s

8
.
7

!
0
.
9

-

-

-

-

-

-

-

-

8
.
7

!
0
.
9
L
o
a
n
s

g
i
v
e
n

3
5
6
.
1

!
,
S
!
?
.
?

-

-

-

-

-

-

3
1
1
.
0

7
8
0
.
0

6
6
7
.
1

?
,
?
9
?
.
?
S
u
n

P
h
a
r
n
a

A
d
v
a
n
c
e
d

P
e
s
e
a
r
c
h

C
o
n
p
a
n
y

L
I
d

-

-

-

-

-

-

-

-

3
!
!
.
0

7
8
0
.
0

3
!
!
.
0

7
8
0
.
0
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d

-

S
0
8
.
?

-

-

-

-

-

-

-

-

-

S
0
8
.
?
G
r
e
e
n

E
c
o

D
e
v
e
l
o
p
n
e
n
I

C
e
n
I
r
e

L
I
d

-

!
.
S

-

-

-

-

-

-

-

-

-

!
.
S
S
k
i
s
e
n

L
a
b
s

P
v
I

L
I
d
.

3
S
6
.
!

?
0
0
.
4

-

-

-

-

-

-

-

-

3
S
6
.
!

?
0
0
.
4
98
N
O
T
E
S

F
O
R
M
I
N
G

P
A
R
T

O
F

T
H
E

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S

F
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
1
s
t

M
a
r
c
h
,

2
0
1
4
A
N
N
E
X
U
R
E

A
C
C
O
U
N
T
I
N
G

S
T
A
N
D
A
R
D

(
A
S
-
1
8
)

"
R
E
L
A
T
E
D

P
A
R
T
Y

D
I
S
C
L
O
S
U
R
E

`

i
n

M
i
l
l
i
o
n
S
u
b
s
i
d
i
a
r
i
e
s
C
o
n
t
r
o
l
l
e
d

E
n
t
i
t
y
K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
R
e
l
a
t
i
v
e
s

o
f

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
E
n
t
e
r
p
r
i
s
e

u
n
d
e
r

s
i
g
n
i
I
c
a
n
I

l
n
I
u
e
n
c
e

o
I

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l

o
r

t
h
e
i
r

r
e
l
a
t
i
v
e
s
T
o
t
a
l
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
O
t
h
e
r
s

-

8
0
?
.
!

-

-

-

-

-

-

-

-

-

8
0
?
.
!
L
o
a
n
s

R
e
c
e
i
v
e
d

b
a
c
k

0
.
1

!
,
S
0
7
.
9

-

-

-

-

-

-

1
,
0
4
9
.
4

7
S
.
0

1
,
0
4
9
.
5

!
,
S
8
?
.
9
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

-

S
0
S
.
4

-

-

-

-

-

-

-

-

-

S
0
S
.
4
S
o
H
d
e
a
l

T
r
a
d
i
n
g

P
r
i
v
a
I
e

L
i
n
i
I
e
d

-

?
0
0
.
9

-

-

-

-

-

-

-

-

-

?
0
0
.
9
F
a
s
I
s
I
o
n
e

N
e
r
c
a
n
I
i
l
e

C
o
n
p
a
n
y

P
v
I

L
I
d

-

?
0
0
.
4

-

-

-

-

-

-

-

-

-

?
0
0
.
4
N
e
e
I
n
a
v

P
e
a
l

E
s
I
a
I
e

P
v
I

L
I
d
.

-

?
0
0
.
4

-

-

-

-

-

-

-

-

-

?
0
0
.
4
P
e
a
l
s
I
o
n
e

N
u
l
I
i
I
r
a
d
e

P
r
i
v
a
I
e

L
i
n
i
I
e
d

-

?
0
0
.
4

-

-

-

-

-

-

-

-

-

?
0
0
.
4
S
k
i
s
e
n

L
a
b
s

P
v
I

L
I
d
.

0
.
!

?
0
0
.
4

-

-

-

-

-

-

-

-

0
.
!

?
0
0
.
4
S
u
n

P
h
a
r
n
a

A
d
v
a
n
c
e
d

P
e
s
e
a
r
c
h

C
o
n
p
a
n
y

L
I
d

-

-

-

-

-

-

-

-

!
,
0
4
9
.
4

7
S
.
0

!
,
0
4
9
.
4

7
S
.
0
C
o
r
p
o
r
a
t
e

G
u
a
r
a
n
t
e
e
s

G
i
v
e
n

/

(
R
e
l
e
a
s
e
d
)

o
n

b
e
h
a
l
f

o
f

(
5
5
8
.
7
)

3
.
6

-

-

-

-

-

-

-

-

(
5
5
8
.
7
)

3
.
6
S
u
n

P
h
a
r
n
a
c
e
u
I
i
c
a
l
s

l
I
a
l
i
a

S
.
P
.
L
.

4
!
.
3

!
S
6
.
?

-

-

-

-

-

-

-

-

4
!
.
3

!
S
6
.
?
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

(
6
0
0
.
0
)

-

-

-

-

-

-

-

-

-

(
6
0
0
.
0
)

-
S
u
n

P
h
a
r
n
a
c
e
u
I
i
c
a
l

(
B
a
n
g
l
a
d
e
s
h
)

L
I
d

-

(
!
S
?
.
6
)

-

-

-

-

-

-

-

-

-

(
!
S
?
.
6
)
I
n
t
e
r
e
s
t

I
n
c
o
m
e

-

4
.
!

-

4
.
?

-

-

-

-

5
3
.
8

3
7
.
!

5
3
.
8

4
S
.
4
S
u
n

P
h
a
r
n
a

A
d
v
a
n
c
e
d

P
e
s
e
a
r
c
h

C
o
n
p
a
n
y

L
I
d

-

-

-

-

-

-

-

-

S
3
.
8

3
7
.
!

S
3
.
8

3
7
.
!
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

-

-

-

?
.
!

-

-

-

-

-

-

-

?
.
!
S
u
n

P
h
a
r
m
a

S
i
k
k
i
m

-

-

-

?
.
!

-

-

-

-

-

-

-

?
.
!
S
u
n

P
h
a
r
n
a

G
l
o
b
a
l

l
n
c

-

4
.
!

-

-

-

-

-

-

-

-

-

4
.
!
R
e
n
t

I
n
c
o
m
e

1
3
.
2

!
.
S

-

!
.
3

-

-

-

-

1
.
5

!
.
S

1
4
.
7

4
.
3
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

-

-

-

0
.
7

-

-

-

-

-

-

-

0
.
7
S
u
n

P
h
a
r
m
a

S
i
k
k
i
m

-

-

-

0
.
6

-

-

-

-

-

-

-

0
.
6
S
u
n

P
h
a
r
n
a

A
d
v
a
n
c
e
d

P
e
s
e
a
r
c
h

C
o
n
p
a
n
y

L
I
d

-

-

-

-

-

-

-

-

!
.
4

!
.
4

!
.
4

!
.
4
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

!
3
.
?

!
.
S

-

-

-

-

-

-

-

-

!
3
.
?

!
.
S
O
t
h
e
r
s

-

-

-

-

-

-

-

-

0
.
!

0
.
!

0
.
!

0
.
!
D
i
r
e
c
t
o
r
'
s

R
e
m
u
n
e
r
a
t
i
o
n

-

-

-

-

6
3
.
3

S
3
.
0

-

-

-

-

6
3
.
3

S
3
.
0
N
r
.

D
i
l
i
p

S
.

S
h
a
n
g
h
v
i

-

-

-

-

?
8
.
3

?
?
.
3

-

-

-

-

?
8
.
3

?
?
.
3
N
r
.

S
u
d
h
i
r

V
.

V
a
l
i
a

-

-

-

-

?
S
.
6

?
?
.
?

-

-

-

-

?
S
.
6

?
?
.
?
99
Notes
N
O
T
E
S

F
O
R
M
I
N
G

P
A
R
T

O
F

T
H
E

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S

F
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
1
s
t

M
a
r
c
h
,

2
0
1
4
A
N
N
E
X
U
R
E

A
C
C
O
U
N
T
I
N
G

S
T
A
N
D
A
R
D

(
A
S
-
1
8
)

"
R
E
L
A
T
E
D

P
A
R
T
Y

D
I
S
C
L
O
S
U
R
E

`

i
n

M
i
l
l
i
o
n
S
u
b
s
i
d
i
a
r
i
e
s
C
o
n
t
r
o
l
l
e
d

E
n
t
i
t
y
K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
R
e
l
a
t
i
v
e
s

o
f

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
E
n
t
e
r
p
r
i
s
e

u
n
d
e
r

s
i
g
n
i
I
c
a
n
I

l
n
I
u
e
n
c
e

o
I

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l

o
r

t
h
e
i
r

r
e
l
a
t
i
v
e
s
T
o
t
a
l
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
3
1
-
0
3
-
1
4
3
!
-
0
3
-
!
3
N
r
.

S
a
i
l
e
s
h

T
.

D
e
s
a
i

-

-

-

-

9
.
4

8
.
S

-

-

-

-

9
.
4

8
.
S
A
p
p
r
e
n
t
i
c
e
s
h
i
p

S
t
i
p
e
n
d

/

R
e
m
u
n
e
r
a
t
i
o
n

-

-

-

-

-

-

3
.
5

3
.
3

-

-

3
.
5

3
.
3
N
r
.

A
a
l
o
k

S
h
a
n
g
h
v
i

-

-

-

-

-

-

?
.
9

3
.
!

-

-

?
.
9

3
.
!
N
s
.

V
i
d
h
i

S
h
a
n
g
h
v
i

-

-

-

-

-

-

0
.
6

0
.
?

-

-

0
.
6

0
.
?
R
e
m
u
n
e
r
a
t
i
o
n

r
e
c
e
i
v
e
d

f
r
o
m

P
a
r
t
n
e
r
s
h
i
p

F
i
r
m
s

-

-

-

8
?
.
9

-

-

-

-

-

-

-

8
?
.
9
S
u
n

P
h
a
r
m
a

S
i
k
k
i
m

-

-

-

4
6
.
4

-

-

-

-

-

-

-

4
6
.
4
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

-

-

-

3
6
.
S

-

-

-

-

-

-

-

3
6
.
S
S
h
a
r
e

o
f

p
r
o
H
t

f
r
o
m

P
a
r
t
n
e
r
s
h
i
p

F
i
r
m
s

-

-

-

9
!
9
.
8

-

-

-

-

-

-

-

9
!
9
.
8
S
u
n

P
h
a
r
m
a

S
i
k
k
i
m

-

-

-

4
4
!
.
9

-

-

-

-

-

-

-

4
4
!
.
9
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

-

-

-

4
7
7
.
9

-

-

-

-

-

-

-

4
7
7
.
9
O
u
t
s
t
a
n
d
i
n
g

C
o
r
p
o
r
a
t
e

G
u
a
r
a
n
t
e
e

t
o

B
a
n
k

2
4
7
.
8

7
7
4
.
0

-

-

-

-

-

-

-

-

2
4
7
.
8

7
7
4
.
0
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.
[
A
c
I
u
a
l

U
I
i
l
i
s
e
d

N
i
l

(
P
r
e
v
i
o
u
s

Y
e
a
r

`

!
8
!
.
S

N
i
l
l
i
o
n

)
|

-

6
0
0
.
0

-

-

-

-

-

-

-

-

-

6
0
0
.
0
S
u
n

P
h
a
r
n
a
c
e
u
I
i
c
a
l
s

l
I
a
l
i
a

S
.
P
.
L
.

[
A
c
I
u
a
l

U
I
i
l
i
s
e
d

`

8
6
.
0

N
i
l
l
i
o
n

(
P
r
e
v
i
o
u
s

Y
e
a
r

N
i
l
)
|

?
4
7
.
8

!
7
4
.
0

-

-

-

-

-

-

-

-

?
4
7
.
8

!
7
4
.
0
O
u
t
s
t
a
n
d
i
n
g

R
e
c
e
i
v
a
b
l
e
s

/

P
a
y
a
b
l
e
s

(
N
e
t
)

a
s

o
n

(
2
,
2
8
2
.
9
)

4
,
8
7
9
.
7

-

-

(
1
8
.
7
)

(
!
S
.
!
)

(
0
.
7
)

(
0
.
8
)

6
1
.
3

7
S
S
.
6

(
2
,
2
4
1
.
0
)

S
,
6
!
9
.
4
C
a
r
a
c
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d

!
,
4
4
?
.
8

9
S
8
.
8

-

-

-

-

-

-

-

-

!
,
4
4
?
.
8

9
S
8
.
8
O
O
O

"
S
u
n

P
h
a
r
n
a
c
e
u
I
i
c
a
l

l
n
d
u
s
I
r
i
e
s
"

L
I
d

7
7
0
.
8

7
6
8
.
4

-

-

-

-

-

-

-

-

7
7
0
.
8

7
6
8
.
4
S
u
n

P
h
a
r
n
a

A
d
v
a
n
c
e
d

P
e
s
e
a
r
c
h

C
o
n
p
a
n
y

L
I
d

-

-

-

-

-

-

-

-

6
0
.
8

7
S
S
.
6

6
0
.
8

7
S
S
.
6
S
u
n

P
h
a
r
n
a

G
l
o
b
a
l

(
F
Z
E
)

(
4
,
0
0
7
.
S
)

7
!
8
.
0

-

-

-

-

-

-

-

-

(
4
,
0
0
7
.
S
)

7
!
8
.
0
S
u
n

P
h
a
r
n
a

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

(
!
,
S
!
4
.
3
)

?
,
0
!
9
.
3

-

-

-

-

-

-

-

-

(
!
,
S
!
4
.
3
)

?
,
0
!
9
.
3
S
k
i
s
e
n

L
a
b
s

P
v
I

L
I
d
.

3
S
6
.
0

-

-

-

-

-

-

-

-

-

3
S
6
.
0

-
O
t
h
e
r
s

6
6
9
.
3

4
!
S
.
?

-

-

(
!
8
.
7
)

(
!
S
.
!
)

(
0
.
7
)

(
0
.
8
)

0
.
S

-

6
S
0
.
4

3
9
9
.
3

N
e
I

w
r
i
I
e

o
H

o
I

`

8
9
.
6

N
i
l
l
i
o
n

(
P
r
e
v
i
o
u
s

Y
e
a
r

N
i
l
)

F
i
g
u
r
e
s

I
o
r

p
r
e
v
i
o
u
s

y
e
a
r

i
n
c
l
u
d
e
s

c
o
r
r
e
s
p
o
n
d
i
n
g

I
g
u
r
e
s

i
n

r
e
s
p
e
c
I

o
I

S
P
D
P
L

a
n
d

S
P
N
P
L

w
h
i
c
h

h
a
d

a
n
a
l
g
a
n
a
I
e
d

i
n
I
o

S
P
L
L

w
.
e
.
I
.

!
s
I

S
e
p
I
e
n
b
e
r
,

?
0
!
?
.

100
TO THE BOARD OF DIRECTORS OF
Report on the Consolidated Financial Statements
We have audiIed Ihe acconpanying consolidaIed Inancial sIaIenenIs oI SUN PHAPNACEUTlCAL lNDUSTPlES LlNlTED
(the Company), its subsidiaries and jointly controlled entities (the Company, its subsidiaries and jointly controlled
entities constitute the Group), which comprise the Consolidated Balance Sheet as at 31st March, 2014, the Consolidated
SIaIenenI oI ProII and Loss and Ihe ConsolidaIed Cash Flow SIaIenenI Ior Ihe year Ihen ended, and a sunnary oI Ihe
signiIcanI accounIing policies and oIher explanaIory inIornaIion.
Managements Responsibility for the Consolidated Financial Statements
The Conpany's NanagenenI is responsible Ior Ihe preparaIion oI Ihese consolidaIed Inancial sIaIenenIs IhaI give a Irue
and Iair view oI Ihe consolidaIed Inancial posiIion, consolidaIed Inancial perIornance and consolidaIed cash Iows oI
the Group in accordance with the accounting principles generally accepted in India. This responsibility includes the design,
inplenenIaIion and nainIenance oI inIernal conIrol relevanI Io Ihe preparaIion and presenIaIion oI Ihe consolidaIed
Inancial sIaIenenIs IhaI give a Irue and Iair view and are Iree Iron naIerial nissIaIenenI, wheIher due Io Iraud or error.
Auditors Responsibility
Our responsibiliIy is Io express an opinion on Ihese consolidaIed Inancial sIaIenenIs based on our audiI. We conducIed
our audiI in accordance wiIh Ihe SIandards on AudiIing issued by Ihe lnsIiIuIe oI CharIered AccounIanIs oI lndia read
IogeIher wiIh our renarks in paragraph (c) under Ihe 'Enphasis oI NaIIer' secIion below. Those SIandards require IhaI
we conply wiIh eIhical requirenenIs and plan and perIorn Ihe audiI Io obIain reasonable assurance abouI wheIher Ihe
consolidaIed Inancial sIaIenenIs are Iree Iron naIerial nissIaIenenI.
An audiI involves perIorning procedures Io obIain audiI evidence abouI Ihe anounIs and Ihe disclosures in Ihe
consolidaIed Inancial sIaIenenIs. The procedures selecIed depend on Ihe audiIor's judgnenI, including assessnenI oI
Ihe risks oI naIerial nissIaIenenI oI Ihe consolidaIed Inancial sIaIenenIs, wheIher due Io Iraud or error. ln naking Ihose
risk assessnenIs, Ihe audiIor considers inIernal conIrol relevanI Io Ihe Conpany's preparaIion and presenIaIion oI Ihe
consolidaIed Inancial sIaIenenIs IhaI give a Irue and Iair view in order Io design audiI procedures IhaI are appropriaIe in
Ihe circunsIances, buI noI Ior Ihe purpose oI expressing an opinion on Ihe eHecIiveness oI Ihe Conpany's inIernal conIrol.
An audiI also includes evaluaIing Ihe appropriaIeness oI Ihe accounIing policies used and Ihe reasonableness oI Ihe
accounIing esIinaIes nade by Ihe NanagenenI, as well as evaluaIing Ihe overall presenIaIion oI Ihe consolidaIed Inancial
statements.
We believe IhaI Ihe audiI evidence we have obIained is suHcienI and appropriaIe Io provide a basis Ior our audiI opinion.
Opinion
ln our opinion and Io Ihe besI oI our inIornaIion and according Io Ihe explanaIions given Io us, read wiIh Ihe 'Enphasis
oI NaIIer' secIion below, and based on Ihe consideraIion oI Ihe reporIs oI Ihe oIher audiIors on Ihe Inancial sIaIenenIs
} consolidaIed Inancial sIaIenenIs } Inancial inIornaIion oI Ihe subsidiaries, joinIly conIrolled enIiIies and a parInership
Irn, reIerred Io below in Ihe OIher NaIIer secIion, Ihe aIoresaid consolidaIed Inancial sIaIenenIs give a Irue and Iair view
in conIorniIy wiIh Ihe accounIing principles generally accepIed in lndia.
a) in Ihe case oI Ihe ConsolidaIed Balance SheeI, oI Ihe sIaIe oI aHairs oI Ihe Group as aI 3!sI Narch, ?0!4,
b) in Ihe case oI Ihe ConsolidaIed SIaIenenI oI ProII and Loss, oI Ihe proII oI Ihe Group Ior Ihe year ended on IhaI
daIe, and
c) in Ihe case oI Ihe ConsolidaIed Cash Flow SIaIenenI, oI Ihe cash Iows oI Ihe Group Ior Ihe year ended on IhaI daIe.
Emphasis of Matter
(a) We draw aIIenIion Io NoIe S?(a) Io Ihe consolidaIed Inancial sIaIenenIs. As reIerred Io in Ihe said NoIe, Ihe
consolidaIed Inancial sIaIenenIs oI Ihe Conpany Ior Ihe year ended 3!sI Narch, ?0!4 were earlier approved by
Ihe Board oI DirecIors aI Iheir neeIing held on ?9Ih Nay, ?0!4 which were subjecI Io revision by Ihe NanagenenI
oI Ihe Conpany so as Io give eHecI Io Ihe Schene oI ArrangenenI Ior denerger oI Ihe speciIed underIakings oI
Sun Pharna Global FZE (SPG), a wholly owned subsidiary, inIo Ihe Conpany w.e.I !sI Nay, ?0!3. Those Inancial
sIaIenenIs were audiIed by us and our reporI daIed ?9Ih Nay, ?0!4, addressed Io Ihe Board oI DirecIors oI Ihe
Conpany, expressed an unqualiIed opinion on Ihose Inancial sIaIenenIs wiIh an Enphasis oI NaIIer paragraph
INDEPENDENT AUDITORS REPORT
101
drawing aIIenIion Io Ihe Ioregoing naIIer. ConsequenI Io Ihe Conpany obIaining Ihe required approvals, Ihe
Inancial sIaIenenIs Ior Ihe year ended 3!sI Narch, ?0!4, Ior boIh, Ihe Conpany and SPG were revised Io give eHecI
Io Ihe said Schene oI ArrangenenI. ln view oI Ihe above, Ihe earlier approved consolidaIed Inancial sIaIenenIs are
revised by Ihe Conpany Io incorporaIe Ihe revised Inancial sIaIenenIs oI Ihe Conpany and SPG.
(b) We draw aIIenIion Io NoIe S4 Io Ihe consolidaIed Inancial sIaIenenIs. As reIerred Io in Ihe said NoIe, consequenI Io
giving eHecI Io Ihe Schene oI ArrangenenI. (i) renuneraIion Io Ihe Nanaging DirecIor and Ihe Whole-Iine DirecIors
oI Ihe Conpany Ior Ihe year ended 3!sI Narch, ?0!4 is in excess oI Ihe liniIs speciIed under Schedule Xlll Io Ihe
Conpanies AcI, !9S6 ("Ihe AcI), by ` 44.7 Nillion, and (ii) connission oI ` 6.4 Nillion Ior Ihe year ended 3!sI Narch,
?0!4 Io Ihe Non-ExecuIive DirecIors oI Ihe Conpany is in excess, since Ihere is absence oI neI proIIs Ior Ihe year in
Ihe Conpany under secIion 309(4) read wiIh secIion 309(S) oI Ihe AcI. ln Ihis regard, we have been inIorned by Ihe
NanagenenI oI Ihe Conpany IhaI Ihey are in Ihe process oI seeking approval Iron Ihe shareholders oI Ihe Conpany
and Ihe CenIral GovernnenI in respecI oI Ihe aIoresaid anounIs.
(c) AparI Iron Ihe Ioregoing naIIers and Ihe provision Ior proposed dividend, Ihe aIIached consolidaIed Inancial
sIaIenenIs do noI Iake inIo accounI any evenIs subsequenI Io Ihe daIe on which Ihe consolidaIed Inancial
sIaIenenIs reIerred Io in (a) above were earlier approved by Ihe Board oI DirecIors and reporIed upon by us as
aIoresaid.
Other Matter
We did noI audiI Ihe Inancial sIaIenenIs } consolidaIed Inancial sIaIenenIs } Inancial inIornaIion oI 73 subsidiaries,
3 joinIly conIrolled enIiIies and a parInership Irn |lisIed in NoIe 3! (a) Io Ihe consolidaIed Inancial sIaIenenIs], whose
Inancial sIaIenenIs } consolidaIed Inancial sIaIenenIs } Inancial inIornaIion reIecI IoIal asseIs oI ` 180,457.5 Million as
aI 3!sI Narch, ?0!4, IoIal revenues oI ` !!S,898.0 Nillion and neI cash inIows anounIing Io ` ??,40!.3 Nillion Ior Ihe year
ended on IhaI daIe, as considered in Ihe ConsolidaIed Financial SIaIenenIs, conprising.
a) ToIal asseIs oI ` !78,?38.9 Nillion as aI 3!sI Narch, ?0!4, IoIal revenues oI ` !!3,343.S Nillion and neI cash inIows
amounting to ` ??,?87.! Nillion Ior Ihe year ended on IhaI daIe in respecI oI 67 subsidiaries, 3 joinIly conIrolled
enIiIies and a parInership Irn, whose Inancial sIaIenenIs } consolidaIed Inancial sIaIenenIs } Inancial inIornaIion
have been audiIed by oIher audiIors and Iheir reporIs have been Iurnished Io us by Ihe NanagenenI and our
opinion, in so Iar as iI relaIes Io Ihe anounIs and disclosures included in respecI oI Ihese subsidiaries, joinIly
conIrolled enIiIy and parInership Irn is based solely on Ihe reporIs oI Ihe oIher audiIors.
b) ToIal asseIs oI ` ?,?!8.6 Nillion as aI 3!sI Narch, ?0!4, IoIal revenues oI ` ?,SS4.S Nillion and neI cash inIows
amounting to ` !!4.? Nillion Ior Ihe year ended on IhaI daIe in respecI oI 6 subsidiaries, whose reporIing daIe is oI
3!sI Decenber, ?0!3 and diHerenI Iron Ihe reporIing daIe oI Ihe Conpany and Ihe Inancial sIaIenenIs } Inancial
inIornaIion have been audiIed by oIher audiIors. ln Ierns oI AccounIing SIandard ?! - 'ConsolidaIed Financial
SIaIenenIs', adjusInenIs have been nade Ior signiIcanI IransacIions oI Ihese subsidiaries Ior Ihe periods Iron !sI
|anuary, ?0!4 Io 3!sI Narch, ?0!4 and !sI |anuary, ?0!3 Io 3!sI Narch, ?0!3, on Ihe basis oI Iheir unaudiIed Inancial
sIaIenenIs } Inancial inIornaIion Ior Ihe said periods. Our opinion, in so Iar as iI relaIes Io Ihe anounIs and
disclosures included in respecI oI Ihese subsidiaries is based solely on Ihe reporIs oI Ihe oIher audiIors Iurnished Io
us and Ihe unaudiIed Inancial sIaIenenIs } Inancial inIornaIion as aIoresaid.
RAJESH K.HIRANANDANI
Partner
NUNBAl, ?9Ih Nay, ?0!4 |!?Ih AugusI, ?0!4 as Io eHecI Ihe naIIers discussed under Ihe 'Enphasis oI NaIIer' secIion above]
102
CONSOLIDATED BALANCE SHEET
as at 31st March, 2014
` in Million
Note No. As at 31st March, 2014 As at 31st March, 2013
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital 1 2,071.2 !,03S.6
Reserves and Surplus 2 183,178.3 !8S,?49.S !48,86!.7 !49,897.3
Minority Interest !9,?!!.8 !6,3S0.8
Non-current Liabilities
Long-term Borrowings 3 486.7 !,!S?.6
DeIerred Tax LiabiliIies (NeI) 4 ?,7S6.7 2,053.5
Other Long-term Liabilities 5 9!.4 89.4
Long-term Provisions 6 ?6,0!6.? ?9,3S!.0 7,870.6 !!,!66.!
Current Liabilities
Short-term Borrowings 7 24,403.4 8?9.S
Trade Payables 8 !3,?8?.6 !0,S79.9
Other Current Liabilities 9 ?,604.! ?,!86.S
Short-term Provisions 10 !9,60S.8 S9,89S.9 !4,8!6.6 28,412.5
Total 293,708.2 205,826.7
ASSETS
Non-current Assets
Fixed Assets
Tangible Assets 11A 34,98!.8 3!,604.3
Intangible Assets 11B 14,844.8 !3,S40.9
Capital Work-in-Progress 8,415.4 S,6?6.!
58,242.0 50,771.3
Goodwill on Consolidation 36 !8,346.? !!,3?9.S
Non-current Investments 12 7,87S.6 !!,063.S
DeIerred Tax AsseIs 13 !!,866.9 9,!7S.9
Long-term Loans and Advances 14 10,511.8 8,377.6
Other Non-current Assets 15 1.1 !06,843.6 78.6 90,796.4
Current Assets
Current Investments !6 !9,984.6 13,052.2
Inventories 17 31,230.1 ?S,777.6
Trade Receivables 18 22,004.2 24,122.3
Cash and Cash EquivalenIs !9 7S,90!.S 40,587.1
Short-term Loans and Advances 20 12,445.5 !0,796.0
Other Current Assets 21 ?S,?98.7 !86,864.6 69S.! 115,030.3
Total 293,708.2 205,826.7
See acconpanying noIes Iorning parI oI Ihe ConsolidaIed Financial SIaIenenIs
ln Ierns oI our reporI aIIached
For DELOITTE HASKINS & SELLS LLP For and on behalI oI Ihe Board
Partner Managing Director Wholetime Director Wholetime Director
Mumbai, 12th August, 2014 Mumbai, 12th August, 2014
103
Consolidated Balance Sheet /
ConsolidaIed SIaIenenI oI ProII and Loss
CONSOLlDATED STATENENT OF PPOFlT AND LOSS
Ior Ihe year ended 3!sI Narch, ?0!4
` in Million
Note No.
Year ended
31st March, 2014
Year ended
31st March, 2013
Pevenue Iron OperaIions 22 !6?,7S4.8 !!4,696.8
Less. Excise DuIy !,9S!.? !,698.?
!60,803.6 !!?,998.6
Other Income 23 5,522.3 3,880.9
Total Revenue 166,325.9 116,879.5
Expenses
CosI oI NaIerials Consuned 24 ??,433.9 !9,499.8
Purchases oI SIock-in-Trade 6,!?4.7 3,518.4
Changes in lnvenIories oI Finished Goods,
Work-in-Progress and Stock-in-Trade
25 (76S.4) (2,284.8)
Enployee BeneIIs Expense ?6 20,744.4 15,345.3
Finance CosIs 27 44!.9 43!.6
DepreciaIion and AnorIisaIion Expense 11 4,09?.3 3,36!.7
OIher Expenses 28 4?,?49.! ?7,9S7.S
Total Expenses 95,320.9 67,829.5
Prot Before ExceptonaI Item and Tax 71,005.0 49,0S0.0
ExcepIional lIen 52(b) 25,174.1 5,835.8
Prot Before Tax 4S,830.9 43,214.2
Tax Expense:
CurrenI Tax 8,079.6 8,131.3
DeIerred Tax (CrediI) } Charge (!,0S7.9) 7,021.7 324.2 8,455.5
Prot from Contnung Operatons 38,809.? 34,758.7
Loss from Discontinuing Operations 49 (!9.?) (6S.3)
Prot aHer tax before Nnorty Interest 38,790.0 34,693.4
Minority Interest 7,375.3 4,86?.8
Prot for the Year 31,414.7 29,830.6
Earnings per Share 38
Basic and Diluted (`) Face Value per EquiIy share - ` 1 15.2 14.4
104
CONSOLlDATED CASH FLOW STATENENT
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
A. CASH FLOW FROM OPERATING ACTIVITIES
ProII BeIore Tax 45,811.7 43,!48.9
AdjusInenIs Ior.
DepreciaIion and AnorIisaIion Expense 4,09?.3 3,36!.7
(ProII) } Loss on Sale } WriIe oH oI Fixed AsseIs, (neI) 9.4 (2.4)
Finance CosIs 44!.9 43!.6
Interest Income (?,064.?) (?,368.9)
Dividend Income (37.3) (24.3)
NeI Gain on Sale oI lnvesInenIs (2,875.4) (1,118.1)
Sundry balances written back (12.4) (9.!)
Provision } WriIe oH Ior DoubIIul Trade Peceivable } Advances !S8.6 !?S.9
NeI Loss } (Gain) on CancellaIion oI Forward Exchange ConIracIs - !90.7
EHecI oI exchange raIe changes (114.4) !,0!?.9
Operatng Prot Before Workng CaptaI Changes 45,410.2 44,748.9
Changes n workng captaI:
Adjustments for (Increase) / Decrease in Operating Assets:
Inventories (5,452.5) (3,90?.?)
Trade Receivables ?,???.6 (5,020.4)
Loans and Advances 3,394.! (673.8)
Other Assets (24,404.0) 133.5
Adjustments for Increase / (Decrease) in Operating Liabilities:
Trade Payables ?,7!S.6 683.!
Other Liabilities ?S6.? (1,770.1)
Provisions ?3,339.0 !0,!0!.6
Cash Generated from Operations 47,481.2 44,300.6
NeI lncone Tax Paid (7,889.?) (10,734.8)
Net Cash Flow from Operating Activities (A) 39,592.0 33,565.8
B. CASH FLOW FROM INVESTING ACTIVITIES
CapiIal ExpendiIure on Fixed AsseIs, including CapiIal Advances (9,060.0) (8,454.5)
Proceeds Iron Sale oI Fixed AsseIs 89.? !36.4
Short-term Loans / Inter Corporate Deposits
Given / Placed (!4,!87.6) (!0,!94.!)
Received back / Matured 8,846.6 10,413.8
Purchase oI lnvesInenIs (?8?,6S0.8) (!S6,7!9.0)
Proceeds Iron Sale oI lnvesInenIs 281,855.1 !S6,?49.0
Bank Balances noI considered as Cash and Cash EquivalenIs
Fixed DeposiIs } Nargin Noney Placed (38,148.5) (30,!!9.3)
105
Cash Flow SIaIenenI
CONSOLlDATED CASH FLOW STATENENT
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
Fixed DeposiIs } Nargin Noney NaIured ?7,606.3 ?6,674.3
NeI (Loss) } Gain on CancellaIion oI Forward Exchange ConIracIs - (!90.7)
AcquisiIion oI Subsidiaries - (!6,4!4.6)
Interest Received !,94?.! 2,572.1
Purchase oI AsseIs Given under Finance Lease - (331.0)
PeceipI oI renIal on AsseIs Given under Finance Lease 2.7 2.8
Dividend Received 37.3 24.3
Net Cash FIow used n Investng Actvtes (B) (23,667.6) (26,350.5)
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds Iron Borrowings 24,038.0 141.8
PepaynenI oI Borrowings (885.0) (!,!09.3)
Net Increase / (Decrease) in Working Capital Borrowings (403.8) ?!9.0
Proceeds Iron issue oI shares Io NinoriIy by Subsidiary 182.4 357.4
PaynenI Io NinoriIy - Pepurchase oI shares by subsidiary } OIhers (!!,S80.9) (767.0)
Finance CosIs (??9.6) (376.6)
Dividends Paid (5,175.4) (4,401.2)
Tax on Dividend (880.0) (714.0)
Net Cash Flow from / (used in) Financing Activities (C) 5,065.7 (6,649.9)
Net Increase n Cash and Cash EquvaIents (ABC) 20,990.1 565.4
Cash and Cash EquivalenIs Iaken over on acquisiIion oI Subsidiaries - !,607.3
Cash and Cash EquivalenIs aI Ihe Beginning oI Ihe Year ?0,69!.! !7,S?6.7
EHecI oI Exchange DiHerences on PesIaIenenI oI Foreign Currency
Cash and Cash EquivalenIs
!,90S.8 99!.7
Cash and Cash Equivalents at the end of the Year (Refer Note 19) 43,587.0 20,691.1
!06
NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31st March, 2014
As at 31st March, 2014 As at 31st March, 2013
1 SHARE CAPITAL
Number of
Equity Shares
` in Million
Nunber oI
EquiIy Shares
` in Million
Authorised
EquiIy Shares oI ` 1 each 3,000,000,000 3,000.0 1,500,000,000 1,500.0
3,000,000,000 3,000.0 1,500,000,000 1,500.0
Issued, Subscribed and Fully Paid Up
EquiIy Shares oI ` ! each (PeIer NoIe 34) ?,07!,!63,9!0 2,071.2 !,03S,S8!,9SS !,03S.6
2,071,163,910 2,071.2 1,035,581,955 1,035.6
` in Million
2 RESERVES AND SURPLUS
Capital Reserve
As per Last Balance Sheet ?S9.! ?S9.!
Capital Redemption Reserve
Opening Balance 154.5 154.5
Less . UIilised Ior issue oI Bonus shares 154.5 -
Closing Balance - 154.5
Securities Premium Account
Opening Balance !S,099.! !S,099.!
Less . UIilised Ior issue oI Bonus shares 881.1 -
Closing Balance 14,218.0 !S,099.!
General Reserve
Opening Balance 31,041.2 30,521.2
Add. TransIerred Iron Surplus in SIaIenenI oI ProII and Loss - 520.0
Closing Balance 31,041.2 31,041.2
Legal Reserve (Refer Note 48)
Opening Balance 0.9 -
Add. TransIerred Iron Surplus in SIaIenenI oI ProII and Loss - 0.9
Closing Balance 0.9 0.9
Foreign Currency Translation Reserve
Opening Balance 12,327.4 8,S60.6
Add}(Less). EHecI oI Foreign Exchange raIe variaIions
during the year
7,572.2 3,766.8
Closing Balance !9,899.6 12,327.4
SurpIus n Statement of Prot and Loss
Opening Balance 89,979.S 66,7?7.7
Add. ProII Ior Ihe year 31,414.7 ?9,830.6
Less. Dividend proposed Io be disIribuIed Io EquiIy
Shareholders |` 1.5 (Previous Year ` S) per share]
3,!06.7 S,!77.9
107
Notes
` in Million
CorporaIe Dividend Tax 528.0 880.0
TransIerred Io Legal Peserve - 0.9
TransIerred Io General Peserve - 520.0
3,634.7 6,578.8
Closing Balance !!7,7S9.S 89,979.S
183,178.3 148,861.7
3 LONG-TERM BORROWINGS
Secured Borrowngs
Term Loans
Fron Banks 389.? 37?.6
Fron OIher ParIies 46.4 43S.6 46.4 4!9.0
Unsecured Borrowngs
DebenIures (NaIures in Novenber ?0!4 - PaIe oI lnIeresI
5.8% Plus CPI)
- 571.2
Long-Tern NaIuriIies oI Finance Lease ObligaIion 2.0 !.9
Tern Loans Iron OIher ParIies 49.! !60.S
486.7 1,152.6
4 DEFERRED TAX LIABILITIES (NET)
Deferred Tax Liabilities
DepreciaIion on Fixed AsseIs ?,690.8 ?,!?9.9
Others !98.7 ?,889.S 24.3 2,154.2
Less :
Deferred Tax Assets
Unpaid Liabilities 84.6 51.8
Others 48.2 132.8 48.9 100.7
2,756.7 2,053.5
5 OTHER LONG-TERM LIABILITIES
Trade / Security Deposits Received 88.6 88.0
Interest Accrued but not Due on Borrowings 2.8 1.4
91.4 89.4
6 LONG-TERM PROVISIONS
Enployee BeneIIs (PeIer NoIe 4? & 43) 177.2 173.5
ProducI PeIurns, PebaIes, Nedicaids eIc. (PeIer NoIe S!) 640.8 S9?.4
NTN Loss on ouIsIanding Forward ConIracIs 2,032.7 !,?93.4
Provision - OIher |PeIer NoIe S?(b)] ?3,!6!.9 5,808.0
lncone Tax (NeI oI Advance lncone Tax) 3.6 3.3
26,016.2 7,870.6
108
` in Million
7 SHORT-TERM BORROWINGS
Secured Borrowngs
Loans Repayable on Demand
Fron Banks.
Cash CrediI FaciliIy 311.8 630.?
Others - 311.8 50.1 680.3
Unsecured Borrowngs
Loans Pepayable on Denand .
Cash CrediI FaciliIy Iron bank 89.6 !49.?
Tern Loan Iron bank 24,002.0 ?4,09!.6 - !49.?
24,403.4 829.5
8 TRADE PAYABLES
Acceptances - 76.6
OIher Ihan AccepIances.
Due to Micro and Small Enterprises 9?.4 760.8
Other Payables !3,!90.? 9,74?.S
13,282.6 10,579.9
9 OTHER CURRENT LIABILITIES
CurrenI NaIuriIies oI Long-Iern DebI 718.5 6!S.0
Interest Accrued but not Due on Borrowings !9.3 ?6.S
lnvesIor EducaIion and ProIecIion Fund shall be crediIed by
Unpaid Dividends (not due)
52.4 45.1
Statutory Remittances 8?8.6 607.?
Payables on Purchase oI Fixed AsseIs 67!.9 6!3.6
Trade / Security Deposits Received 13.0 9.S
Advances Iron CusIoners 100.3 87.8
Temporary Overdrawn Bank Balance as per books ?8.6 24.0
Others 171.5 157.8
2,604.1 2,186.5
10 SHORT-TERM PROVISIONS
Enployee BeneIIs (PeIer NoIe 4?) 1,101.7 9?0.!
ProducI PeIurns, PebaIes, Nedicaids eIc. (PeIer NoIe S!) 8,9!!.7 6,3!0.6
NTN Loss on ouIsIanding Forward ConIracIs !9?.8 71.5
lncone Tax |NeI oI Advance lncone Tax] ?,6!4.6 !,4S6.S
Proposed EquiIy Dividend 3,!06.7 S,!77.9
CorporaIe Dividend Tax 528.0 880.0
Provision - OIher |PeIer NoIe S?(b)] 3,150.3 -
19,605.8 14,816.6
!09
Notes
1
1

F
I
X
E
D

A
S
S
E
T
S
`

i
n

M
i
l
l
i
o
n
G
r
o
s
s

B
l
o
c
k

(
A
t

C
o
s
t
)
D
e
p
r
e
c
i
a
t
i
o
n

/

A
m
o
r
t
i
s
a
t
i
o
n

/

I
m
p
a
i
r
m
e
n
t
N
e
t

B
l
o
c
k
P
a
r
t
i
c
u
l
a
r
s

A
s

a
t

0
1
.
0
4
.1
3
C
o
n
s
o
l
i
d
a
t
i
o
n
A
d
j
u
s
t
m
e
n
t
s
T
a
k
e
n
o
v
e
r

o
n
a
c
q
u
i
s
i
I
i
o
n

(
c
)
A
d
d
i
t
i
o
n
s
d
u
r
i
n
g

t
h
e

Y
e
a
r
D
e
l
e
t
i
o
n
s

d
u
r
i
n
g
t
h
e

Y
e
a
r
A
s

a
t

3
1
.
0
3
.
1
4

A
s

a
t

0
1
.
0
4
.1
3
C
o
n
s
o
l
i
d
a
t
i
o
n
A
d
j
u
s
t
m
e
n
t
s
T
a
k
e
n
o
v
e
r

o
n
a
c
q
u
i
s
i
I
i
o
n

(
c
)
F
o
r

I
h
e

y
e
a
r
O
n

D
e
l
e
t
i
o
n
s

I
o
r

I
h
e

y
e
a
r
A
s

a
t

3
1
.
0
3
.
1
4
A
s

a
t

3
1
.
0
3
.
1
4
A
s

a
t

3
1
.
0
3
.1
3
A
.

T
A
N
G
I
B
L
E

A
S
S
E
T
S

F
r
e
e
h
o
l
d

L
a
n
d
!
,
0
?
!
.
9
7
6
.
3
-
7
.
7
-
!
,
!
0
S
.
9
-
-
-
-
-
-
!
,
!
0
S
.
9
!
,
0
?
!
.
9
(
8
2
4
.
4
)
(
3
5
.
7
)
(
!
7
9
.
?
)
(
1
5
.
3
)
(
3
2
.
7
)
(
!
,
0
?
!
.
9
)
(
-
)
(
-
)
(
-
)
(
-
)
(
-
)
(
-
)
(
!
,
0
?
!
.
9
)
(
8
2
4
.
4
)

L
e
a
s
e
h
o
l
d

L
a
n
d
1
,
1
1
7
.
2
9
!
.
4
-
9
7
.
!
-
1
,
3
0
5
.
7
1
3
7
.
0
1
3
.
0
-
!
6
.
7
-
!
6
6
.
7
!
,
!
3
9
.
0
9
8
0
.
?
(
!
,
0
6
?
.
7
)
(
5
4
.
5
)
(
-
)
(
-
)
(
-
)
(
1
,
1
1
7
.
2
)
(
1
1
4
.
8
)
(
7
.
0
)
(
-
)
(
1
5
.
2
)
(
-
)
(
1
3
7
.
0
)
(
9
8
0
.
?
)
(
9
4
7
.
9
)

B
u
i
l
d
i
n
g
s
!
7
,
4
6
0
.
3
!
,
3
S
6
.
4
-
8
4
6
.
?
3
3
.
2
!
9
,
6
?
9
.
7
(
a
)
4
,
5
1
7
.
3
3
8
9
.
?
-
6
0
S
.
3
3
3
.
2
S
,
4
7
8
.
6
1
4
,
1
5
1
.
1
!
?
,
9
4
3
.
0
(
!
4
,
6
9
4
.
8
)
(
6
7
7
.
6
)
(
!
,
6
!
6
.
0
)
(
S
6
6
.
7
)
(
9
4
.
8
)
(
!
7
,
4
6
0
.
3
)
(
3
,
8
8
3
.
9
)
(
!
9
?
.
8
)
(
4
4
.
7
)
(
4
5
1
.
4
)
(
5
5
.
5
)
(
4
,
5
1
7
.
3
)
(
!
?
,
9
4
3
.
0
)
(
!
0
,
8
!
0
.
9
)

L
e
a
s
e
h
o
l
d

I
m
p
r
o
v
e
m
e
n
t

o
n

B
u
i
l
d
i
n
g
!
!
!
.
9
1
1
.
8
-
3
?
.
6
-
!
S
6
.
3
1
3
.
7
1
.
4
-
3
.
4
-
1
8
.
5
1
3
7
.
8
9
8
.
?
(
!
0
4
.
9
)
(
7
.
0
)
(
-
)
(
-
)
(
-
)
(
!
!
!
.
9
)
(
1
0
.
1
)
(
0
.
7
)
(
-
)
(
?
.
9
)
(
-
)
(
1
3
.
7
)
(
9
8
.
?
)
(
9
4
.
8
)

B
u
i
l
d
i
n
g
s

G
i
v
e
n

u
n
d
e
r

o
p
e
r
a
t
i
n
g

l
e
a
s
e

*
3
5
7
.
4
1
7
.
3
-
2
.
8
-
3
7
7
.
5
7
9
.
S
3
.
1
-
6
.
3
-
8
8
.
9
?
8
8
.
6
?
7
7
.
9
(
3
4
7
.
1
)
(
1
0
.
3
)
(
-
)
(
-
)
(
-
)
(
3
5
7
.
4
)
(
6
7
.
6
)
(
!
.
6
)
(
-
)
(
1
0
.
3
)
(
-
)
(
7
9
.
S
)
(
?
7
7
.
9
)
(
?
7
9
.
S
)

P
l
a
n
I

a
n
d

E
q
u
i
p
n
e
n
I
3
3
,
S
6
3
.
7
!
,
6
S
9
.
7
-
3
,
5
1
0
.
4
?
4
6
.
?
3
8
,
4
8
7
.
6
1
8
,
2
8
0
.
4
1
,
1
1
2
.
4
-
?
,
?
6
4
.
8
!
6
3
.
!
?
!
,
4
9
4
.
S
(
b
)
!
6
,
9
9
3
.
!
1
5
,
2
8
3
.
3
(
?
7
,
6
9
4
.
3
)
(
9
8
9
.
!
)
(
!
,
7
0
6
.
4
)
(
3
,
3
S
6
.
6
)
(
1
8
2
.
7
)
(
3
3
,
S
6
3
.
7
)
(
1
5
,
3
3
3
.
3
)
(
6
8
0
.
?
)
(
4
7
8
.
0
)
(
!
,
9
!
8
.
?
)
(
!
?
9
.
3
)
(
1
8
,
2
8
0
.
4
)
(
1
5
,
2
8
3
.
3
)
(
!
?
,
3
6
!
.
0
)

P
l
a
n
I

a
n
d

E
q
u
i
p
n
e
n
I
-

L
e
a
s
e
d

2
5
.
3
-
-
-
-
2
5
.
3
?
.
9
-
-
1
.
2
-
4
.
1
2
1
.
2
2
2
.
4
(
2
5
.
3
)
(
-
)
(
-
)
(
-
)
(
-
)
(
2
5
.
3
)
(
1
.
7
)
(
-
)
(
-
)
(
1
.
2
)
(
-
)
(
?
.
9
)
(
2
2
.
4
)
(
?
3
.
6
)

V
e
h
i
c
l
e
s
4
1
8
.
2
1
3
.
3
-
!
6
0
.
0
3
4
.
7
S
S
6
.
8
!
3
9
.
6
S
.
9
-
6
!
.
?
2
0
.
4
!
8
6
.
3
3
7
0
.
5
?
7
8
.
6
(
3
?
4
.
6
)
(
7
.
7
)
(
0
.
4
)
(
1
1
7
.
8
)
(
3
2
.
3
)
(
4
1
8
.
2
)
(
1
1
5
.
7
)
(
3
.
7
)
(
0
.
1
)
(
4
5
.
0
)
(
?
4
.
9
)
(
!
3
9
.
6
)
(
?
7
8
.
6
)
(
?
0
8
.
9
)

O
H
c
e

E
q
u
i
p
n
e
n
I
6
7
6
.
?
3
0
.
7
-
9
3
.
S
1
.
3
7
9
9
.
!
4
4
8
.
6
2
5
.
0
-
6
!
.
4
0
.
5
5
3
4
.
5
(
b
)
?
6
4
.
6
?
?
7
.
6
(
4
1
0
.
8
)
(
5
.
1
)
(
!
9
S
.
S
)
(
6
7
.
7
)
(
?
.
9
)
(
6
7
6
.
?
)
(
?
3
4
.
6
)
(
3
.
3
)
(
!
7
!
.
6
)
(
4
1
.
7
)
(
?
.
6
)
(
4
4
8
.
6
)
(
?
?
7
.
6
)
(
!
7
6
.
?
)

F
u
r
n
i
I
u
r
e

a
n
d

F
i
x
I
u
r
e
s
!
,
?
7
3
.
6
7
0
.
7
-
9
8
.
?
0
.
7
1
,
4
4
1
.
8
8
0
2
.
4
5
5
.
4
-
7
4
.
3
0
.
3
9
3
!
.
8
(
b
)
5
1
0
.
0
4
7
1
.
2
(
1
,
0
5
3
.
4
)
(
4
0
.
4
)
(
8
0
.
0
)
(
1
0
1
.
5
)
(
1
.
7
)
(
!
,
?
7
3
.
6
)
(
6
4
S
.
S
)
(
3
0
.
4
)
(
6
6
.
8
)
(
6
0
.
S
)
(
0
.
8
)
(
8
0
2
.
4
)
(
4
7
1
.
2
)
(
4
0
7
.
9
)
T
o
t
a
l

T
a
n
g
i
b
l
e

A
s
s
e
t
s
5
6
,
0
2
5
.
7
3
,
3
2
7
.
6
-
4
,
8
4
8
.
5
3
1
6
.
1
6
3
,
8
8
5
.
7
2
4
,
4
2
1
.
4
1
,
6
0
5
.
4
-
3
,
0
9
4
.
6
2
1
7
.
5
2
8
,
9
0
3
.
9
3
4
,
9
8
1
.
8
3
1
,
6
0
4
.
3
P
r
e
v
i
o
u
s

Y
e
a
r
(
4
6
,
S
4
?
.
3
)
(
1
,
8
2
7
.
4
)
(
3
,
7
7
7
.
5
)
(
4
,
?
?
S
.
6
)
(
3
4
7
.
1
)
(
S
6
,
0
?
S
.
7
)
(
2
0
,
4
0
7
.
2
)
(
9
!
9
.
7
)
(
7
6
!
.
?
)
(
?
,
S
4
6
.
4
)
(
2
1
3
.
1
)
(
2
4
,
4
2
1
.
4
)
(
3
!
,
6
0
4
.
3
)
(
?
6
,
!
3
S
.
!
)
B
.

I
N
T
A
N
G
I
B
L
E

A
S
S
E
T
S

G
o
o
d
w
i
l
l
9
,
7
4
8
.
8
1
,
0
2
8
.
2
-
-
-
1
0
,
7
7
7
.
0
-
-
-
-
-
-
1
0
,
7
7
7
.
0
9
,
7
4
8
.
8
(
6
3
!
.
9
)
(
4
2
.
4
)
(
9
,
0
7
4
.
S
)
(
-
)
(
-
)
(
9
,
7
4
8
.
8
)
(
-
)
(
-
)
(
-
)
(
-
)
(
-
)
(
-
)
(
9
,
7
4
8
.
8
)
(
6
3
!
.
9
)

T
r
a
d
e
m
a
r
k
s
,

D
e
s
i
g
n
s

a
n
d

O
t
h
e
r

I
n
t
a
n
g
i
b
l
e

A
s
s
e
t
s
9
,
9
8
8
.
?
9
S
6
.
3
-
8
9
7
.
8
-
1
1
,
8
4
2
.
3
6
,
!
9
6
.
!
5
8
0
.
7
-
9
9
7
.
7
-
7
,
7
7
4
.
5
(
b
)
4
,
0
6
7
.
8
3
,
7
9
?
.
!
(
7
,
0
9
4
.
3
)
(
4
3
1
.
8
)
(
!
,
!
6
!
.
6
)
(
!
,
3
0
9
.
8
)
(
9
.
3
)
(
9
,
9
8
8
.
?
)
(
4
,
S
6
S
.
9
)
(
2
7
7
.
1
)
(
5
4
7
.
1
)
(
8
1
5
.
3
)
(
9
.
3
)
(
6
,
!
9
6
.
!
)
(
3
,
7
9
?
.
!
)
(
2
,
5
2
8
.
4
)
T
o
t
a
l

I
n
t
a
n
g
i
b
l
e

A
s
s
e
t
s
1
9
,
7
3
7
.
0
1
,
9
8
4
.
5
-
8
9
7
.
8
-
2
2
,
6
1
9
.
3
6
,
1
9
6
.
1
5
8
0
.
7
-
9
9
7
.
7
-
7
,
7
7
4
.
5
1
4
,
8
4
4
.
8
1
3
,
5
4
0
.
9
P
r
e
v
i
o
u
s

Y
e
a
r
(
7
,
7
?
6
.
?
)
(
4
7
4
.
2
)
(
!
0
,
?
3
6
.
!
)
(
!
,
3
0
9
.
8
)
(
9
.
3
)
(
!
9
,
7
3
7
.
0
)
(
4
,
S
6
S
.
9
)
(
2
7
7
.
1
)
(
5
4
7
.
1
)
(
8
1
5
.
3
)
(
9
.
3
)
(
6
,
!
9
6
.
!
)
(
!
3
,
S
4
0
.
9
)
(
3
,
!
6
0
.
3
)
T
o
t
a
l

F
i
x
e
d

A
s
s
e
t
s
7
5
,
7
6
2
.
7
5
,
3
1
2
.
1
-
5
,
7
4
6
.
3
3
1
6
.
1
8
6
,
5
0
5
.
0
3
0
,
6
1
7
.
5
2
,
1
8
6
.
1
-
4
,
0
9
2
.
3
2
1
7
.
5
3
6
,
6
7
8
.
4
4
9
,
8
2
6
.
6
4
5
,
1
4
5
.
2
P
r
e
v
i
o
u
s

Y
e
a
r
(
S
4
,
?
6
8
.
S
)
(
?
,
3
0
!
.
6
)
(
!
4
,
0
!
3
.
6
)
(
5
,
5
3
5
.
4
)
(
3
S
6
.
4
)
(
7
S
,
7
6
?
.
7
)
(
?
4
,
9
7
3
.
!
)
(
!
,
!
9
6
.
8
)
(
1
,
3
0
8
.
3
)
(
3
,
3
6
!
.
7
)
(
2
2
2
.
4
)
(
3
0
,
6
!
7
.
S
)
(
4
5
,
1
4
5
.
2
)
(
?
9
,
?
9
S
.
4
)
F
o
o
t
n
o
t
e
s
:
(
a
)

B
u
i
l
d
i
n
g
s

i
n
c
l
u
d
e

`

8
,
6
?
0

(
P
r
e
v
i
o
u
s

Y
e
a
r

`

8
,
6
?
0
)

I
o
w
a
r
d
s

c
o
s
I

o
I

s
h
a
r
e
s

i
n

a

C
o
-
o
p
e
r
a
I
i
v
e

H
o
u
s
i
n
g

S
o
c
i
e
I
y
.

(
b
)

l
n
c
l
u
d
e
s

l
n
p
a
i
r
n
e
n
I

o
I

`

6
4
.
9

N
i
l
l
i
o
n

(
P
r
e
v
i
o
u
s

Y
e
a
r

`

6
4
.
9

N
i
l
l
i
o
n
)

i
n
c
l
u
d
i
n
g

`

N
i
l

(
P
r
e
v
i
o
u
s

Y
e
a
r

`

3
4
.
!

N
i
l
l
i
o
n
)

o
n

a
c
c
o
u
n
I

o
I

l
n
p
a
i
r
n
e
n
I

I
o
r

I
h
e

y
e
a
r
.

(
c
)

P
e
p
r
e
s
e
n
I
s

a
s
s
e
I
s

a
n
d

a
c
c
u
n
u
l
a
I
e
d

d
e
p
r
e
c
i
a
I
i
o
n

o
I

D
U
S
A

P
h
a
r
n
a
c
e
u
I
i
c
a
l
s

l
n
c
.

a
n
d

U
P
L

P
h
a
r
n
a

l
n
c
.

w
h
i
c
h

h
a
s

b
e
e
n

a
c
q
u
i
r
e
d

i
n

p
r
e
v
i
o
u
s

y
e
a
r
.

(
d
)

E
x
c
l
u
d
e
s

F
i
x
e
d

A
s
s
e
I
s

H
e
l
d

I
o
r

S
a
l
e

(
P
e
I
e
r

N
o
I
e

?
!
)
.

(
e
)

P
r
e
v
i
o
u
s

Y
e
a
r

I
g
u
r
e
s

a
r
e

i
n

b
r
a
c
k
e
I
s
.

P
e
I
e
r

N
o
I
e

4
1
(
a
)

N
O
T
E
S

F
O
P
N
l
N
G

P
A
P
T

O
F

T
H
E

C
O
N
S
O
L
l
D
A
T
E
D

F
l
N
A
N
C
l
A
L

S
T
A
T
E
N
E
N
T
S

I
o
r

I
h
e

y
e
a
r

e
n
d
e
d

3
!
s
I

N
a
r
c
h
,

?
0
!
4
110
` in Million
12 NON-CURRENT INVESTMENTS
Long Term Investments (At Cost) (Fully Paid Up)
Quoted
ln EquiIy lnsIrunenIs 4,253.7 4,!74.9
In Debentures 250.0 250.0
In Bonds 367.3 367.3
Unquoted
ln EquiIy lnsIrunenIs () !,84S.6 40S.6
In Government Securities ` 10,000 ( Previous Year
` 10,000)
0.0 0.0
In Debentures 115.7 115.7
In Deposits - 500.0
ln NuIual Funds () 1,000.0 5,250.0
In Limited Liability Partnerships 43.3 -
7,875.6 11,063.5
Book
Value
Narket
Value
Book
Value
Market
Value
Quoted 4,871.0 7,733.8 4,79?.? 6,8SS.4
Unquoted 3,004.6 6,?7!.3
* Includes Investment in Associate ` 184.4 Million (Previous
Year ` Nil) |lncluding goodwill ` 173.4 Million (Previous Year
` Nil)]
** Listed
13 DEFERRED TAX ASSETS
Unpaid Liabilities S,8!6.0 4,3S6.7
Unabsorbed Loss (PeIer NoIe 47) 51.5 !,6??.3
Intangibles 3,!36.6 1,415.1
Others ?,86?.8 1,781.8
11,866.9 9,175.9
111
Notes
` in Million
14 LONG-TERM LOANS AND ADVANCES
Capital Advances ?,680.6 ?,097.9
Security Deposits !74.9 !S8.6
Loans and Advances to Employees / Others 93S.6 2,811.2
Peceivable on AccounI oI AsseIs under Finance Lease |PeIer
NoIe 4!(e)]
320.2 327.1
Prepaid Expenses 21.8 ?4.9
Advance lncone Tax |NeI oI Provisions] S,689.S 2,448.0
Balances with Government Authorities 689.? S09.9
10,511.8 8,377.6
15 OTHER NON-CURRENT ASSETS
Interest Accrued on Investments - 77.0
Unamortised Premium on Investments 1.1 !.6
1.1 78.6
16 CURRENT INVESTMENTS (AT COST) (FULLY PAID UP)
A) Current Portion of Long-term Investments
Unquoted
ln NuIual Funds () 15,700.0 7,860.0
In Deposits 500.0 !6,?00.0 750.0 8,6!0.0
B) Other Current Investments
Quoted
ln EquiIy lnsIrunenIs 18.0 2.8
In Bonds 171.3 !6!.8
Unquoted
In Government Securities - 217.0
ln NuIual Funds 3,S9S.3 !,090.!
In Deposits - 2,500.0
In Commercial Paper - 3,784.6 470.5 4,442.2
19,984.6 13,052.2
Book
Value
Narket
Value
Book
Value
Market
Value
Quoted !89.3 !9S.3 !64.6 172.8
UnquoIed !9,79S.3 !?,887.6
* Listed
112
` in Million
17 INVENTORIES
Raw and Packing Materials 12,237.0 9,806.!
Goods-in-Transit 382.5 !?,6!9.S 311.4 10,117.5
Work-in-Progress S,9?7.9 4,6S7.S
Finished Goods 8,587.4 8,470.4
Goods-in-Transit S49.S 9,!36.9 34S.6 8,8!6.0
Stock-in-Trade 2,441.1 1,505.8
Goods-in-Transit 300.1 2,741.2 135.2 !,64!.0
Other Materials and Consumables 804.0 525.0
Goods-in-Transit 0.6 804.6 ?0.6 S4S.6
31,230.1 25,777.6
18 TRADE RECEIVABLES
Outstanding for a period exceeding Six Months from the
date they are due for payment
Considered Good ?,6S4.! 2,013.0
DoubIIul !66.9 137.3
2,821.0 2,150.3
Less. Provision Ior DoubIIul Trade Peceivables !66.9 ?,6S4.! 137.3 2,013.0
Other Trade Receivables !9,3S0.! ??,!09.3
22,004.2 24,122.3
19 CASH AND CASH EQUIVALENTS
BaIances that meet the denton of Cash and Cash
Equivalents as per AS3 Cash Flow Statement
Cash on Hand 46.9 7.5
Cheques, DraHs on Hand 138.5 89.4
Balances with Banks
In Current Accounts 39,7!4.? !4,?0S.9
ln DeposiI AccounIs wiIh Original NaIuriIy oI 3 NonIhs or less 3,0?!.9 4,467.4
ln EEFC AccounIs 66S.S 43,40!.6 !,9?0.9 ?0,S94.?
43,587.0 ?0,69!.!
Other Bank BaIances
ln DeposiI AccounIs (PeIer FooInoIe) 32,147.0 !9,?7!.9
ln Earnarked AccounIs.
Unpaid Dividend Accounts 47.2 42.4
Balances held as Margin Money or Security against
GuaranIees and OIher ConniInenIs (PeIer FooInoIe)
120.3 32,314.5 581.7 !9,896.0
75,901.5 40,587.1
Footnote
Other Bank Balances include Deposits amounting to ` ??,3?0.6 Nillion (Previous Year ` ?,?S6.? Nillion) and Nargin Nonies
amounting to ` !06.7 Nillion (Previous Year ` S36.7 Nillion) which have an Original NaIuriIy oI nore Ihan !? nonIhs.
113
Notes
` in Million
20 SHORT-TERM LOANS AND ADVANCES
Security Deposits 49.7 775.1
Loans and Advances Io PelaIed ParIies (PeIer NoIe 37) - 738.4
Loans and Advances to Employees / Others
Secured ?6!.9 ?6!.8
Unsecured 4,SS6.7 2,144.1
Considered DoubIIul 4.5 4.5
4,823.1 2,410.4
Less. Provision Ior DoubIIul Loans and Advances 4.5 4,8!8.6 4.5 ?,40S.9
Prepaid Expenses 1,508.1 !,?66.7
Balances with Government Authorities 4,700.9 ?,6S3.6
Advance lncone Tax |NeI oI Provisions] 0.3 2,273.8
Advances Ior Supply oI Goods and Services !,3S9.8 678.9
Peceivable on AccounI oI AsseIs under Finance Lease
|PeIer NoIe 4!(e)]
8.1 3.6
12,445.5 10,796.0
21 OTHER CURRENT ASSETS
Interest Accrued on Investments / Balance with Bank 510.5 311.3
Unamortised Premium on Investments 0.3 0.3
ExporI lncenIives 68!.? 353.5
Insurance Claims ?6.S ?6.3
Fixed AsseIs Held Ior Sale 4.4 3.7
Cenvat Credit available on payment 73.8 -
OIher |PeIer NoIe S?(b)] 24,002.0 -
25,298.7 695.1
114
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
22 REVENUE FROM OPERATIONS
Sale oI ProducIs !6!,99S.! 114,087.1
Other Operating Revenues 7S9.7 609.7
162,754.8 114,696.8
23 OTHER INCOME
lnIeresI lncone.
Deposits with Banks 1,011.5 !,7S9.3
Loans and Advances 4S9.6 421.7
Current Investments ???.6 46.9
Long-term Investments ??9.? 75.3
Others 141.3 ?,064.? 6S.7 ?,368.9
Dividend Income on Long-term Investments 37.3 24.3
NeI Gain on Sale oI.
Current Investments 504.0 283.1
Long-term Investments 2,371.4 2,875.4 835.0 1,118.1
ProII on Sale oI Fixed AsseIs 18.4 7.8
Sundry Balances Written Back 12.4 9.!
Insurance Claims 1.4 6!.?
Lease Rental and Hire Charges 96.4 89.?
Miscellaneous Income 4!6.8 202.3
5,522.3 3,880.9
24 COST OF MATERIALS CONSUMED
lnvenIories aI Ihe beginning oI Ihe year 10,117.5 8,S3!.9
Purchases during the year 24,577.8 ?0,90!.8
Foreign currency IranslaIion diHerence 358.1 !83.6
lnvenIories aI Ihe end oI Ihe year (!?,6!9.S) (10,117.5)
22,433.9 19,499.8
25 CHANGES IN INVENTORIES OF FINISHED GOODS,
WORK- IN-PROGRESS AND STOCK-IN-TRADE
lnvenIories aI Ihe beginning oI Ihe year 15,114.5 11,802.7
lnvenIories Acquired on AcquisiIion - 557.4
Foreign currency IranslaIion diHerence !,9?6.! 469.6
lnvenIories aI Ihe end oI Ihe year (!7,806.0) (15,114.5)
(765.4) (2,284.8)
115
Notes
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
26 EMPLOYEE BENEFITS EXPENSE
Salaries and Wages 17,185.4 !?,S68.8
ConIribuIion Io ProvidenI and OIher Funds 1,745.1 1,432.1
SIaH WelIare Expenses !,8!3.9 1,344.4
20,744.4 15,345.3
27 FINANCE COSTS
lnIeresI Expense on.
Borrowings !99.6 3!8.6
Others 24.2 50.3
NeI Loss on Foreign Currency TransacIions and TranslaIion
(considered as Finance CosIs)
218.1 6?.7
441.9 431.6
28 OTHER EXPENSES
ConsunpIion oI NaIerials, SIores and Spare ParIs 3,39S.8 2,814.2
Conversion and OIher NanuIacIuring Charges 2,588.0 !,79?.4
Power and Fuel 2,324.1 1,871.0
Rent 453.8 314.5
PaIes and Taxes 488.4 496.0
Insurance 505.0 336.6
Selling and Distribution !!,794.6 S,937.?
Commission and Discount 2,153.2 !,69?.9
Repairs
Buildings 396.3 234.7
Machinery !,306.9 978.?
Others 467.9 2,171.1 364.8 1,577.7
Printing and Stationery 211.8 155.4
Travelling and Conveyance 800.7 496.!
Overseas Travel and ExporI PronoIion ?,!?0.9 !,678.?
Communication ?9?.4 211.7
Provision } WriIe oH Ior DoubIIul Trade Peceivable } Advances
Provision Ior DoubIIul Trade Peceivable 36.3 94.!
Sundry Balances } Trade Peceivables WriIIen OH 123.5 33.1
Less. AdjusIed ouI oI Provision Ior earlier years (1.2) !S8.6 (1.3) !?S.9
ProIessional and ConsulIancy 4,807.2 4,175.5
Donations !6.6 47.6
Loss on Sale } WriIe OH oI Fixed AsseIs 27.8 5.4
NeI Loss on Foreign Currency TransacIions and TranslaIion !,907.8 786.4
lncrease } (Decrease) oI Excise DuIy on lnvenIory (!6.4) 30.2
!!6
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
Payment to Auditors
As Auditors 84.8 52.0
For TaxaIion NaIIers !0.9 7.9
For OIher Services 8.7 0.7
PeinbursenenI oI Expenses 0.2 !04.6 9.? 69.8
Niscellaneous Expenses |PeIer NoIe S?(b)] 6,34S.S 3,68?.9
42,651.5 28,297.6
Less.
PeceipIs Iron Pesearch AcIiviIies (402.4) (340.1)
42,249.1 27,957.5
INCLUDED IN THE CONSOLIDATED STATEMENT OF
PROFIT AND LOSS
Salaries and Wages ?,938.3 !,96!.!
ConIribuIion Io ProvidenI and OIher Funds 281.2 202.5
SIaH WelIare Expenses ??6.! 130.4
ConsunpIion oI NaIerials, SIores and Spare ParIs ?,!64.3 !,744.6
Power and Fuel 111.4 97.6
PaIes and Taxes 30.2 148.2
Rent 41.5 ??.6
Insurance 18.5 8.2
Repairs
Buildings 33.8 27.2
Machinery 98.3 79.9
Others 84.0 ?!6.! S9.7 !66.8
Printing and Stationery ?7.6 ?!.9
Travelling and Conveyance 115.4 6?.4
Communication 31.3 21.1
ProIessional and ConsulIancy 2,510.3 !,486.!
Loss on Sale oI Fixed AsseIs 10.7 0.2
Niscellaneous Expenses !,!39.! 541.8
9,862.0 6,615.5
Less.
Interest Income 1.1 1.4
PeceipIs Iron Pesearch acIiviIies 402.4 340.1
Miscellaneous Income 87.8 49!.3 25.0 366.S
9,370.7 6,249.0
117
Notes
30 SIGNIFICANT ACCOUNTING POLICIES:
I Bass of ConsoIdaton:
The ConsolidaIed Financial SIaIenenIs relaIe Io Sun PharnaceuIical lndusIries LiniIed ('Ihe Conpany'),
iIs Subsidiaries and |oinIly ConIrolled EnIiIies (IogeIher consIiIuIe 'Ihe Group'). The ConsolidaIed Financial
SIaIenenIs have been prepared on Ihe Iollowing basis.
(a) The Inancial sIaIenenIs oI Ihe Conpany and iIs Subsidiaries have been consolidaIed on line-by-line
basis by adding IogeIher Ihe book values oI like iIens oI asseIs, liabiliIies, incone and expenses, aHer
elininaIing inIra-group balances, inIra-group IransacIions and unrealised proIIs or losses as per
AccounIing SIandard ?! 'ConsolidaIed Financial SIaIenenIs', as noIiIed by Ihe Conpanies (AccounIing
SIandards) Pules, ?006. These Inancial sIaIenenIs have been prepared using uniIorn accounIing policies
Ior like IransacIions and oIher evenIs in Ihe sinilar circunsIances.
Interests in Jointly Controlled Entities has been accounted by using the proportionate consolidation
neIhod as per AccounIing SIandard (AS) ?7- "Financial PeporIing oI lnIeresIs in |oinI VenIures.
(b) ln case oI Ioreign Subsidiaries } |oinIly ConIrolled EnIiIies, being non-inIegral Ioreign operaIions, IranslaIion
oI Inancial sIaIenenIs Ior consolidaIion is done in accordance wiIh Ihe policy sIaIed in NoIe X below.
(c) The ConsolidaIed Financial SIaIenenIs oI Ihe Group include Inancial sIaIenenIs oI cerIain subsidiaries
prepared as oI a diHerenI daIe Iron IhaI oI Ihe Conpany's Inancial sIaIenenIs. AdjusInenIs Ior eHecIs
oI signiIcanI IransacIions and evenIs IhaI have occurred beIween Ihe daIe oI Ihe Inancial sIaIenenIs
oI Ihese subsidiaries and Ihe daIe oI Ihe ParenI Conpany's Inancial sIaIenenIs are nade in Ihe
ConsolidaIed Financial SIaIenenIs.
(d) The excess oI cosI oI invesInenI in Subsidiaries } |oinIly ConIrolled EnIiIies over Ihe share oI equiIy
in Subsidiaries } |oinIly ConIrolled EnIiIies as aI Ihe daIe oI naking Ihe invesInenI is recognised in
Ihe Inancial sIaIenenIs as Goodwill on ConsolidaIion. Goodwill on consolidaIion is noI anorIised.
However, Ihe sane is IesIed Ior inpairnenI aI each Balance SheeI daIe. The excess oI share oI equiIy
oI Subsidiaries } |oinIly ConIrolled EnIiIies over Ihe cosI oI acquisiIion oI Ihe respecIive invesInenIs as
aI Ihe daIe oI naking Ihe invesInenI is IreaIed as CapiIal Peserve. For Ihis purpose, share oI equiIy is
deIernined on Ihe basis oI Ihe laIesI Inancial sIaIenenIs prior Io Ihe acquisiIion aHer naking necessary
adjusInenIs Ior naIerial evenIs beIween Ihe daIe oI such Inancial sIaIenenIs and Ihe daIe oI respecIive
acquisiIion.
(e) NinoriIy lnIeresI in Ihe neI asseIs oI Subsidiaries consisIs oI.
i. Ihe anounI oI equiIy aIIribuIable Io Ihe ninoriIies aI Ihe daIe on which invesInenI in Subsidiary is
made, and
ii. Ihe ninoriIies' share oI novenenIs in equiIy since Ihe daIe Ihe parenI-subsidiary relaIionship cane
inIo exisIence.
II Bass of Accountng
These Inancial sIaIenenIs have been prepared under hisIorical cosI convenIion on an accrual basis and
conply wiIh Ihe AccounIing SIandards (AS) as noIiIed under SecIion ?!!(3C) oI Ihe Conpanies AcI, !9S6 (which
conIinue Io be applicable in respecI oI secIion !33 oI Ihe Conpanies AcI, ?0!3 in Ierns oI general circular
!S}?0!3 daIed !3Ih SepIenber, ?0!3 oI Ihe NinisIry oI CorporaIe AHairs).
III Use of Estimates
The presenIaIion oI Inancial sIaIenenIs in conIorniIy wiIh Ihe generally accepIed accounIing principles
requires esIinaIes and assunpIions Io be nade IhaI aHecI Ihe reporIed anounI oI asseIs and liabiliIies on
Ihe daIe oI Ihe Inancial sIaIenenIs and Ihe reporIed anounI oI revenues and expenses during Ihe reporIing
period. DiHerence beIween Ihe acIual resulI and esIinaIes are recognised in Ihe period in which Ihe resulIs are
known/materialised.
118
IV Fixed Assets and Depreciation / Amortisation
Fixed AsseIs including lnIangible asseIs are sIaIed aI hisIorical cosI (NeI oI cenvaI crediI) less accunulaIed
depreciaIion } anorIizaIion Ihereon and inpairnenI losses, iI any. ln case oI Ihe Conpany, Sun PharnaceuIical
Industries, Sun Pharma Sikkim and Sun Pharma Laboratories Limited assets costing ` 5,000 or less and in
case oI Sun PharnaceuIical Spain, SL. and Sun PharnaceuIicals lIalia S.P.L asseIs cosIing t 60! and t S!6.4 or
less respecIively are charged oH as expense in Ihe year oI purchase. lnIangible asseIs consisI oI Iradenarks,
designs, Iechnical know-how, non conpeIe Iees, oIher inIangible asseIs and goodwill.
DepreciaIion } anorIisaIion is provided on Tangible and lnIangible asseIs on sIraighI line neIhod as Iollows .
Years
TANCIBLE
Leasehold Land S0-!96
Buildings 5-100
Buildings Taken under Inance lease 40
Buildings Given under operating lease 30
PlanI and EquipnenI 3-21
PlanI and EquipnenI Leased 3-21
Vehicles 3-20
OHce EquipnenIs 2-21
FurniIure and FixIures 2-17
INTANCIBLE
Tradenarks, Designs, Technical know-how, Non conpeIe Iees and OIher lnIangible AsseIs 3-20
V Leases
Lease arrangenenIs where Ihe risks and rewards incidenIal Io ownership oI an asseI subsIanIially vesI wiIh Ihe
lessor are recognised as operating lease. Lease rentals under operating leases are recognised in the Statement
oI ProII and Loss on a sIraighI-line basis. For asseIs given under Inance lease, anounIs are recognised as
receivables aI an anounI equal Io Ihe neI invesInenI in Ihe lease and Ihe Inance incone is recognised based
on a consIanI raIe oI reIurn on Ihe ouIsIanding neI invesInenI in accordance wiIh AccounIing
SIandard (AS) !9 - "Leases.
VI Revenue Recognition
Sale oI producIs is recognized when risks and rewards oI ownership oI Ihe producIs are passed on Io Ihe
cusIoners, which is generally on dispaIch oI producIs. ExporI sales are recognized depending on Ihe Ierns
oI cusIoner arrangenenIs, which is recognized eiIher when Ihe producI is received by Ihe cusIoner aI Ihe
desIinaIion poinI or aI Ihe Iine oI shipnenI. Sales include delayed paynenI charges, and are sIaIed neI oI
reIurns, VAT } sales Iax, provision Ior chargebacks, nedicaid, rebaIes, shelI sIock adjusInenIs, breakages and
expiry and oIher sales deducIions, nade on Ihe basis oI nanagenenI expecIaIion Iaking inIo accounI pasI
experience, cusIoner experience, Ihird-parIy prescripIion daIa, indusIry and regulaIory changes and oIher
relevanI inIornaIion which are revised as necessary.
VII Investments
lnvesInenIs are classiIed inIo CurrenI and Long-Iern lnvesInenIs. CurrenI lnvesInenIs are valued aI lower
oI cosI and Iair value. Long-Iern lnvesInenIs are sIaIed aI cosI less provision, iI any, Ior oIher Ihan Ienporary
diminution in their carrying amount.
VIII Inventories
lnvenIories consisIing oI raw and packing naIerials, oIher naIerials and consunables including P&D naIerials,
work in progress, sIock in Irade and Inished goods are sIaIed aI lower oI cosI (raw and packing naIerials
!!9
Notes
and sIock in Irade - speciIc idenIiIcaIion neIhod, oIher naIerials and consunables - FlFO basis, work-in-
progress and Inished goods - weighIed average neIhod) and neI realisable value. ln respecI oI Caraco, cosI is
deIernined on speciIc idenIiIcaIion basis, in respecI oI Alkaloida Chenical Conpany ZrI, Sun PharnaceuIical
lndusIries (AusIralia) PIy. LId. and Sun PharnaceuIical (Bangladesh) LId., cosI is deIernined on FlFO basis and
in respecI oI Taro PharnaceuIical lndusIries LId., cosI is deIernined on Average cosI basis.
IX Research and Development
The research and developnenI cosI is accounIed in accordance wiIh AccounIing SIandard - ?6 'lnIangible
AsseIs'. All relaIed revenue expendiIure incurred on original and planned invesIigaIion underIaken wiIh Ihe
prospecI oI gaining new scienIiIc or Iechnical knowledge and undersIanding up Io Ihe Iine when iI is possible
Io denonsIraIe probable IuIure econonic beneIIs, is recognised as research expenses and charged oH Io Ihe
SIaIenenI oI ProII and Loss, as incurred. All subsequenI expendiIure incurred Ior producI developnenI on
Ihe applicaIion oI research Indings or oIher knowledge upon denonsIraIion oI probabiliIy oI IuIure econonic
beneIIs, prior Io Ihe connencenenI oI producIion, Io Ihe exIenI idenIiIable and possible Io segregaIe are
accunulaIed and carried Iorward as developnenI expendiIure under lnIangible asseIs under developnenI,
Io be capiIalised as an inIangible asseI on conpleIion oI Ihe projecI. ln case a projecI does noI proceed as per
expecIaIions } plans, Ihe sane is abandoned and Ihe anounI classiIed as developnenI expendiIure under
lnIangible asseIs under developnenI is charged oH Io Ihe SIaIenenI oI ProII and Loss.
X Foreign Currency Transactions and Translation
TransacIions denoninaIed in Ioreign currencies are recorded aI Ihe exchange raIes IhaI approxinaIes Ihe
acIual raIe prevailing aI Ihe daIe oI IransacIion. NoneIary iIens denoninaIed in Ioreign currency aI Ihe
year end are IranslaIed aI year end raIes. Non-noneIary iIens, which are carried in Ierns oI hisIorical cosI
denoninaIed in a Ioreign currency, are reporIed using Ihe exchange raIe aI Ihe daIe oI IransacIion. ln respecI
oI noneIary iIens which are covered by Iorward exchange conIracIs, Ihe diHerence beIween Ihe year end raIe
and Ihe raIe on Ihe daIe oI Ihe conIracI is recognised as exchange diHerence and Ihe preniun on such Iorward
conIracIs is recognised over Ihe liIe oI Ihe Iorward conIracI. The exchange diHerences arising on seIIlenenI }
IranslaIion are recognised in Ihe SIaIenenI oI ProII and Loss.
The IranslaIion oI Ihe Inancial sIaIenenIs oI non inIegral Ioreign operaIions is accounIed Ior as under.
a) All revenues and expenses are IranslaIed aI average raIe.
b) All monetary and non-monetary assets and liabilities are translated at the rate prevailing on the
balance sheet.
c) PesulIing exchange diHerence is accunulaIed in Foreign Currency TranslaIion Peserve on
ConsolidaIion unIil Ihe disposal oI Ihe neI invesInenI in Ihe said non inIegral Ioreign operaIion.
XI Derivative Accounting
Forward ConIracIs in Ihe naIure oI highly probable IorecasIed IransacIions } Irn conniInenIs enIered inIo Ior
hedging Ihe risk oI Ioreign currency exposure and oIher derivaIive conIracIs are accounIed Ior on Ihe principles
oI prudence as enunciaIed in AccounIing SIandard ! (AS-!) "Disclosure oI AccounIing Policies. PursuanI Io Ihis,
losses, iI any, on Nark Io NarkeI basis, are recognised in Ihe SIaIenenI oI ProII and Loss and gains are noI
recognised on prudent basis.
XII Taxes on Income
Provision Ior Iax conprises oI CurrenI Tax and DeIerred Tax. CurrenI Tax provision has been nade on Ihe basis
oI relieIs and deducIions available under relevanI Tax laws. DeIerred Iax resulIing Iron "Iining diHerences
beIween Iaxable and accounIing incone is accounIed Ior using Ihe Iax raIes and laws IhaI are enacIed or
subsIanIively enacIed as on Ihe balance sheeI daIe. The deIerred Iax asseI is recognised and carried Iorward
Ior Iining diHerences oI iIens oIher Ihan unabsorbed depreciaIion and accunulaIed losses only Io Ihe exIenI
IhaI Ihere is a reasonable cerIainIy IhaI Ihe asseIs can be realised in IuIure. However, iI Ihere is unabsorbed
depreciaIion or carry Iorward oI losses, deIerred Iax asseIs are recognized only iI Ihere is virIual cerIainIy IhaI
120
Ihere will be suHcienI IuIure Iaxable incone available Io realise Ihe asseIs. DeIerred Iax asseIs are reviewed as
aI each balance sheeI daIe Ior Iheir realisabiliIy.
XIII EmpIoyee Benets
(a) The Group's conIribuIion in respecI oI providenI Iund and oIher Iunds is charged Io Ihe SIaIenenI oI
ProII and Loss each year.
(b) WiIh respecI Io graIuiIy liabiliIy, sone oI Ihe enIiIies in Ihe Group conIribuIes Io LiIe lnsurance
CorporaIion oI lndia (LlC) under LlC's Group GraIuiIy policy. GraIuiIy liabiliIy as deIernined on acIuarial
basis by Ihe independenI valuer is charged Io Ihe SIaIenenI oI ProII and Loss.
(c) LiabiliIy Ior accunulaIed conpensaIed absences oI enployees is ascerIained Ior on acIuarial valuaIion
basis and provided Ior as per group rules.
XIV Borrowng Costs
Borrowing cosIs aIIribuIable Io Ihe acquisiIion or consIrucIion oI qualiIying asseIs upIo Ihe daIe oI
capiIalisaIion oI such asseIs are capiIalised and added Io Ihe cosI oI asseI. OIher borrowing cosIs are
recognised as an expense in Ihe period in which Ihey are incurred.
XV Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when Ihere is a presenI obligaIion as a resulI oI pasI evenIs and iI is probable
IhaI an ouIIow oI resources will be required Io seIIle Ihe obligaIion in respecI oI which a reliable esIinaIe oI
Ihe anounI oI Ihe obligaIion can be nade. ConIingenI liabiliIy is disclosed Ior (i) Possible obligaIions which will
be conIrned only by IuIure evenIs noI wholly wiIhin Ihe conIrol oI Ihe Group or (ii) PresenI obligaIions arising
Iron pasI evenIs where iI is noI probable IhaI an ouIIow oI resources will be required Io seIIle Ihe obligaIion
or a reliable esIinaIe oI Ihe anounI oI Ihe obligaIion can noI be nade. ConIingenI AsseIs are noI recognised in
Ihe Inancial sIaIenenIs.
XVI Government Grants / Subsidy
GovernnenI granIs, iI any, are accounIed when Ihere is a reasonable assurance IhaI Ihe enIerprise will
comply with the conditions attached to them and it is reasonably certain that the ultimate collection will be
nade. CapiIal subsidy in Ihe naIure oI governnenI granIs relaIed Io speciIc Ixed asseIs is accounIed Ior
where collecIion is reasonably cerIain and Ihe sane is shown as a deducIion Iron Ihe gross value oI Ihe asseI
concerned in arriving at its book value and accordingly the depreciation is provided on the reduced book value.
XVII Impairment of Assets
The Group assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.
lI any such indicaIion exisIs, Ihe Group esIinaIes Ihe recoverable anounI oI Ihe asseI. lI such recoverable
anounI oI Ihe asseI or Ihe recoverable anounI oI Ihe cash generaIing uniI Io which Ihe asseI belongs is less
than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as
an inpairnenI loss and is recognised in Ihe SIaIenenI oI ProII and Loss. lI aI Ihe Balance SheeI daIe Ihere is an
indicaIion IhaI iI a previously assessed inpairnenI loss no longer exisIs or nay have decreased, Ihe recoverable
anounI is reassessed and Ihe asseI is reIecIed aI Ihe lower oI recoverable anounI and Ihe carrying anounI
IhaI would have been deIernined had no inpairnenI loss been recognised. Such reversal oI inpairnenI loss is
recognised in Ihe SIaIenenI oI ProII and Loss.
121
Notes
31 a) The ConsolidaIed Financial SIaIenenIs presenI Ihe consolidaIed accounIs oI Sun PharnaceuIical lndusIries
LiniIed wiIh iIs Iollowing Subsidiaries } |oinIly ConIrolled EnIiIies } AssociaIe.
Nane oI Subsidiaries
CounIry oI
Incorporation
ProporIion oI ownership inIeresI
Ior Ihe year
Year ended
31st March, 2014
Year ended
31st March, 2013
Direct Subsidiaries
1 Green Eco Development Centre Ltd. India 100.00% 100.00%
2 Sun Pharma Global Inc. BriIish Virgin lslands 100.00% 100.00%
3 ZAO Sun Pharna lndusIries LId. Russia (See Note e) 100.00%
4 Sun Pharmaceutical (Bangladesh) Ltd. Bangladesh 72.50% 72.50%
5 Caraco Pharmaceutical Laboratories Ltd.
(Caraco)
UniIed SIaIes oI
America
100.00% 100.00%
6 TKS FarnaceuIica LIda Brazil 100.00% 100.00%
7 Sun Pharna De Nexico S.A. DE C.V. Nexico 75.00% 75.00%
8 Sun Pharmaceutical Industries Inc. UniIed SIaIes oI
America
- (See NoIe I)
9 SPlL De Nexico S.A. DE C.V. Nexico 100.00% 100.00%
10 Sun Pharmaceutical Peru S.A.C. Peru 99.33 99.33
11 OOO "Sun Pharmaceutical Industries" Ltd. Russia 99.00 99.00
!? Sun Pharna de Venezuela, CA. Venezuela 100.00% 100.00%
13 Sun Pharma Laboratories Limited India 100.00% 100.00%
(See Note i)
!4 FasIsIone NercanIile Conpany PrivaIe
Limited
India 100.00% 100.00%
15 Neetnav Real Estate Private Limited India 100.00% 100.00%
!6 PealsIone NulIiIrade PrivaIe LiniIed India 100.00% 100.00%
17 Skisen Labs Private Limited India 100.00% 100.00%
!8 SoHdeal Trading Conpany PrivaIe LiniIed India 100.00% 100.00%
Step down Subsidiaries
!9 Caraco Pharna lnc UniIed SIaIes oI
America
100.00% 100.00%
20 Chattem Chemicals Inc UniIed SIaIes oI
America
100.00% 100.00%
21 Taro Development Corporation UniIed SIaIes oI
America
100.00% 100.00%
?? Alkaloida Chenical Conpany ZrI. Hungary 99.99 99.99
?3 Sun PharnaceuIical UK LId. UniIed Kingdon 100.00% 100.00%
24 Sun Pharmaceutical Industries (Australia)
Pty. Ltd.
Australia 100.00% 100.00%
?S AdiIya AcquisiIion Conpany LId. Israel 100.00% 100.00%
?6 Sun PharnaceuIical lndusIries (Europe) B.V. Netherlands 100.00% 100.00%
27 Sun Pharmaceuticals Italia S.R.L. Italy 100.00% 100.00%
122
CounIry oI
Incorporation
Ior Ihe year
Year ended
31st March, 2014
Year ended
31st March, 2013
28 Sun Pharmaceutical Spain, S.L.U Spain 100.00% 100.00%
?9 Sun PharnaceuIicals Gernany GnbH Germany 100.00% 100.00%
30 Sun PharnaceuIicals France France 100.00% 100.00%
3! Sun Pharna Global (FZE) United Arab Emirates 100.00% 100.00%
32 Sun Pharmaceuticals (SA) (Pty) Ltd. SouIh AIrica 100.00% 100.00%
33 Sun Global Canada Pty. Ltd. Canada 100.00% 100.00%
34 Sun Pharma Philippines Inc. Philippines 100.00% 100.00%
3S Sun PharnaceuIicals Korea LId. Korea 100.00% 100.00%
36 Sun Global DevelopnenI FZE United Arab Emirates 100.00% 100.00%
37 Caraco Pharmaceuticals Pvt. Ltd. India 100.00% 100.00%
38 Sun Pharma Japan Ltd. Japan 100.00% 100.00%
39 Sun Pharna HealIhCare FZE United Arab Emirates 100.00% 100.00%
40 Sun Pharma MEA JLT United Arab Emirates 100.00% 100.00%
41 Morley and Company Inc UniIed SIaIes oI
America
100.00% 100.00%
4? Sun LaboraIories FZE United Arab Emirates 100.00% 100.00%
43 Taro Pharmaceutical Industries Ltd. (TARO) Israel (See note g) 68.87 6S.89
44 Taro Pharmaceuticals Inc. Canada 68.87 6S.89
45 Taro Pharmaceuticals U.S.A., Inc. UniIed SIaIes oI
America
68.87 6S.89
46 Taro PharnaceuIicals NorIh Anerica, lnc. Cayman Islands,
British West Indies
68.87 6S.89
47 Taro PharnaceuIicals Europe B.V. Netherlands 68.87 6S.89
48 Taro Pharmaceuticals Ireland Ltd. Ireland 68.87 6S.89
49 Taro lnIernaIional LId. Israel 68.87 6S.89
S0 Taro PharnaceuIicals UK LId. UniIed Kingdon 68.87 6S.89
51 Taro Hungary Intellectual Property
Licensing LLC.
Hungary 68.87 6S.89
52 3 Skyline LLC UniIed SIaIes oI
America
68.87 6S.89
53 One Commerce Drive LLC UniIed SIaIes oI
America
68.87 6S.89
54 Tarochem Ltd. Israel 68.87 6S.89
55 Taro Pharmaceutical Laboratories Inc UniIed SIaIes oI
America
68.87 6S.89
S6 Taro PharnaceuIicals Canada LId. Canada 68.87 6S.89
57 Taro Pharmaceutical India Private Ltd. India 68.87 6S.89
58 Orta Ltd. Israel 68.87 6S.89
S9 Sun Universal LId. United Arab Emirates 100.00% 100.00%
60 KhyaIi PealIy NE LId. United Arab Emirates 100.00% 100.00%
123
Notes
CounIry oI
Incorporation
Ior Ihe year
Year ended
31st March, 2014
Year ended
31st March, 2013
6! AdiIya Pharna PrivaIe LiniIed Hungary 100.00% 100.00%
6? Alkaloida Sweden AB Sweden 100.00% 100.00%
63 Dusa PharnaceuIicals lnc UniIed SIaIes oI
America
100.00% 100.00%
64 Dusa PharnaceuIicals New York lnc UniIed SIaIes oI
America
100.00% 100.00%
6S Sirius LaboraIories lnc UniIed SIaIes oI
America
100.00% 100.00%
66 UPL Pharna lnc UniIed SIaIes oI
America
100.00% 100.00%
67 AP ScienIiIc.lnc UniIed SIaIes oI
America
100.00% 100.00%
68 NuIual PharnaceuIical Conpany, lnc. UniIed SIaIes oI
America
100.00% 100.00%
69 UniIed Pesearch LaboraIories, LId. UniIed SIaIes oI
America
100.00% 100.00%
70 Dungan Mutual Associates, LLC UniIed SIaIes oI
America
100.00% 100.00%
71 URL PharmPro, LLC UniIed SIaIes oI
America
100.00% 100.00%
72 Universal Enterprises (Pvt) Ltd. India 100.00% 100%
(See Note i)
73 Sun Pharma Switzerland Ltd. Switzerland 100.00% -
74 Nogad Holdings Mauritius 100.00% -
75 Silverstreet Developers LLP India 100.00% -
Name of Partnership Firm
76 Sun PharnaceuIical lndusIries India - (See Note i)
77 Sun Pharma Sikkim India - (See Note i)
78 Sun Pharma Drugs India (See Note h) 98.00
Name of controlled Entity
79 Universal EnIerprises (PvI) LId. India - (See Note i)
Jointly Controlled Entity
80 MSD - Sun LLC UniIed SIaIes oI
America
50.00% 50.00%
8! S & l OpIhalnic LLC UniIed SIaIes oI
America
50.00% -
Name of Subsidiary of Jointly Controlled
Entity
8? NSD - Sun FZ LLC United Arab Emirates 50.00% 50.00%
Name of Associate
83 Artes Biotechnology GmbH Germany 45.00% -
124
b The Financial SIaIenenIs oI Ihe subsidiary conpany aI Sr. no. !3 are audiIed by DeloiIIe Haskins & Sells LLP.
The Financial SIaIenenIs in respecI oI all oIher Subsidiaries, a ParInership Firn and |oinIly ConIrolled EnIiIies
are audited by other auditors.
c ln respecI oI enIiIies aI Sr. No. 3, 6, 7, 9, !0 and !!, Ihe reporIing daIe is as oI 3!sI Decenber, ?0!3 and diHerenI
Iron Ihe reporIing daIe oI Ihe ParenI Conpany and Ihe Inancial sIaIenenIs have been audiIed by oIher
audiIors. ln Ierns oI AccounIing SIandard ?!, adjusInenIs have been nade Ior signiIcanI IransacIions oI Ihese
subsidiaries Ior Ihe periods Iron !sI |anuary, ?0!3 Io 3!sI Narch, ?0!3 and !sI |anuary, ?0!4 Io 3!sI Narch, ?0!4,
on Ihe basis oI Iheir nanagenenI accounIs Ior Ihe said periods.
d EnIiIies aI Sr. No.73, 74, 7S, 8! and 83 have been incorporaIed } acquired during Ihe year ended 3!sI Narch, ?0!4.
e WiIh eHecI Iron ?8Ih |anuary, ?0!4 ZAO Sun Pharna lndusIries LId. has been liquidaIed.
I WiIh eHecI Iron ?8Ih February, ?0!3 Sun PharnaceuIical lndusIries lnc. has nerged wiIh Caraco.
g On 27th December, 2013, Taro Pharmaceutical Industries Ltd. (Taro), a subsidiary company through tender
oHer repurchased !,9S9,S!4 ordinary shares represenIing 4.4 oI iIs issued and ouIsIanding ordinary share
capiIal and consequenIly Ihe Group holds 68.87 and 79.?4 (Previous Year 6S.89 and 77.30) oI beneIcial
ownership and voIing power respecIively in Ihe share capiIal oI TAPO.
h WiIh eHecI Iron !9Ih AugusI, ?0!3 Sun Pharna Drugs has been dissolved.
i WiIh eHecI Iron 3!sI AugusI, ?0!?, ParInership Irns viz. Sun PharnaceuIical lndusIries and Sun Pharna
Sikkim have been converted into Pvt. Ltd. companies viz. Sun Pharma Medication Pvt. Ltd. and Sun Pharma
Drugs PvI. LId. respecIively, under ParI lX oI Ihe Conpanies AcI, !9S6 and accordingly, Universal EnIerprises
(PvI) LId. has becone a subsidiary conpany Iron 3!sI AugusI, ?0!?. WiIh eHecI Iron !sI SepIenber, ?0!?, Sun
Pharma Medication Pvt. Ltd. and Sun Pharma Drugs Pvt. Ltd. has amalgamated into Sun Pharma Laboratories
Limited.
j SigniIcanI AccounIing Policies and oIher NoIes Io Ihese ConsolidaIed Financial SIaIenenIs are inIended Io
serve as a neans oI inIornaIive disclosure and a guide Ior beIIer undersIanding oI Ihe consolidaIed posiIion oI
Ihe Group. Pecognising Ihis purpose, Ihe Group has disclosed only such policies and noIes Iron Ihe individual
Inancial sIaIenenIs which Iairly represenI Ihe needed disclosures. Lack oI honogeneiIy and oIher sinilar
consideraIions nade iI desirable Io exclude sone oI Ihen, which in Ihe opinion oI Ihe nanagenenI, could be
beIIer viewed when reIerred Iron Ihe individual Inancial sIaIenenIs.
125
Notes
` in Million
As at
31st March, 2014
As at
31st March, 2013
32 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT
NOT PROVIDED FOR)
A) Contingent Liabilities
I ) Claims against the Group not acknowledged as debts 844.8 6S3.S
II ) GuaranIees given by Ihe bankers on behalI oI Ihe Group 704.6 571.5
III ) OIhers .
LeIIers oI CrediI Ior lnporIs ?,!63.! 548.8
LiabiliIies DispuIed - Appeals Iled wiIh respecI Io .
lncone Tax on accounI oI Disallowances } AddiIions 12,114.8 7,6?4.0
Sales Tax on accounI oI PebaIe } ClassiIcaIion 48.5 48.4
Excise DuIy on accounI oI ValuaIion } CenvaI CrediI SS6.7 466.7
ESlC ConIribuIion on accounI oI applicabiliIy 0.2 0.2
Drug Price EqualisaIion AccounI |DPEA] on accounI oI denand Iowards
uninIended beneII, including inIeresI Ihereon, enjoyed by Ihe Group
14.0 14.0
Denand by |DGFT inporI duIy wiIh respecI Io inporI alleged Io be in
excess oI enIiIlenenI as per Ihe Advanced Licence Schene
!4.6 !3.9
B) Commtments
I ) EsIinaIed anounI oI conIracIs renaining Io be execuIed on CapiIal
AccounI (NeI oI Advances)
7,877.5 3,051.1
II ) DerivaIive relaIed conniInenIs - Forward Foreign Exchange ConIracIs 4,200.0 4,342.4
III ) Lease relaIed conniInenIs |PeIer NoIe . 4! (d) (i)]
lV) Investment related commitments 2,815.8 -
33 LEGAL PROCEEDINGS
The Company and / or its subsidiaries are involved in various legal proceedings including product liability, contracts,
enploynenI clains and oIher regulaIory naIIers relaIing Io conducI oI iIs business. The Conpany records a
provision in Ihe Inancial sIaIenenIs Io Ihe exIenI IhaI iI concludes IhaI a liabiliIy is probable and esIinable based on
Ihe sIaIus oI Ihese cases, advise oI Ihe counsel, nanagenenI assessnenI oI Ihe likely danages eIc. The Group carries
producI liabiliIy insurance } is conIracIually indenniIed by Ihe nanuIacIurer, Ior an anounI iI believes is suHcienI
Ior iIs needs. ln respecI oI oIher clains, Ihe Group believes, Ihese clains do noI consIiIuIe naIerial liIigaIion naIIers
and wiIh iIs neriIorious deIenses Ihe ulIinaIe disposiIion oI Ihese naIIers will noI have naIerial adverse eHecI on
iIs Financial SIaIenenIs.
34 DISCLOSURES RELATING TO SHARE CAPITAL
i Rights, Preferences and Restrictions attached to Equity Shares
The EquiIy Shares oI Ihe Conpany, having par value oI ` 1 per share, rank pari passu in all respects including
voting rights and entitlement to dividend.
!?6
ii Reconciliation of the number of shares and amount outstanding at the beginning and at the end of
reporting period
` in Million
As at
31st March, 2014
As at
31st March, 2013
No. of Shares ` in Million No. oI Shares ` in Million
Equity shares of ` 1 each
Opening Balance !,03S,S8!,9SS !,03S.6 !,03S,S8!,9SS !,03S.6
Add. Bonus shares issued during Ihe year !,03S,S8!,9SS !,03S.6 - -
Closing Balance ?,07!,!63,9!0 2,071.2 !,03S,S8!,9SS !,03S.6
iii !,03S,S8!,9SS (Previous Year Nil) EquiIy Shares oI ` ! each have been alloIIed as Iully paid up bonus shares
during Ihe period oI Ive years innediaIely preceding Ihe daIe aI which Ihe Balance SheeI is prepared.
iv Equity Shares held by each shareholder holding more than 5 percent Equity Shares in the Company
are as follows:
` in Million
Nane oI Shareholders
As at
31st March, 2014
As at
31st March, 2013
No. of Shares
held
% of
Holding
No. oI Shares
held
oI
Holding
Dilip Shantilal Shanghvi 231,140,480 11.2 115,570,240 11.2
VidiIi lnvesInenIs PvI. LId. 201,385,320 9.7 !00,69?,660 9.7
Tejaskiran Pharmachem Industries Pvt. Ltd. !9S,343,760 9.4 97,67!,880 9.4
Fanily lnvesInenI PvI. LId. !8?,9?7,440 8.8 9!,463,7?0 8.8
Quality Investment Pvt. Ltd. !8?,868,640 8.8 9!,434,3?0 8.8
` in Million
Year ended 31st
March, 2014
Year ended 31st
March, 2013
Pevenue (Excluding DepreciaIion) 9,370.7 6,?49.0
Capital SSS.9 4?6.8
Total 9,926.6 6,675.8
127
Notes
` in Million
As at
31st March, 2014
As at
31st March, 2013
36 GOODWILL ON CONSOLIDATION (NET) COMPRISES OF:
A) Goodwill in respect of :
Caraco Pharmaceutical Laboratories Ltd. 7,?9?.0 6,778.0
TKS FarnaceuIica LIda 436.3 421.5
Sun Pharma Japan Ltd. 114.4 75.0
Universal Enterprises (Pvt) Ltd. 7.5 7.5
Taro Pharmaceutical Industries Ltd. 11,378.5 4,930.0
Total (A) 19,228.7 12,212.0
Less:
B) CaptaI Reserve n respect of :
Alkaloida Chenical Conpany ZrI. 882.5 882.5
Total (B) 882.5 882.5
Total (A-B) 18,346.2 11,329.5
37 RELATED PARTY DISCLOSURE (AS-18) - AS PER ANNEXURE A
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
38 ACCOUNTING STANDARD (AS-20) ON EARNINGS PER SHARE
ProII Ior Ihe year - used as NuneraIor Ior calculaIing Earnings Per Share 31,414.7 ?9,830.6
WeighIed Average nunber oI Shares used in conpuIing basic and diluIed
Earnings Per Share
?,07!,!63,9!0 ?,07!,!63,9!0
Nominal value per share (in `) 1.0 1.0
Basic and Diluted Earnings Per Share (in `) 15.2 14.4
ln Ierns oI Ihe resoluIion passed by Ihe shareholders by way oI PosIal BalloI on !SIh |uly, ?0!3, Ihe Conpany has
alloIIed !,03S,S8!,9SS bonus equiIy shares on 3rd AugusI, ?0!3 in Ihe raIio oI ! equiIy share oI ` ! each Iully paid up Ior
every equiIy share oI ` ! each held. ConsequenIly, Ihe Earnings Per Share oI ` ! each Ior Ihe previous year have been
resIaIed based on Ihe nunber oI equiIy shares posI bonus issue, i.e. ?,07!,!63,9!0 equiIy shares, in accordance wiIh
Accounting Standard (AS-20) on Earnings Per Share.
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
39 ACCOUNTING STANDARD (AS-17) ON SEGMENT REPORTING
a) Primary Segment
The Group has idenIiIed "PharnaceuIicals" as Ihe only prinary reporIable
business segment.
b) Secondary Segment (By Geographical Segment)
India 39,4!!.6 3?,0?0.9
Outside India 122,583.5 8?,066.?
Sale oI ProducIs !6!,99S.! 114,087.1
ln view oI Ihe inIerwoven } inIernix naIure oI business and nanuIacIuring IaciliIy, oIher segnenIal inIornaIion is
not ascertainable.
128
40 lnIangible asseIs consisIing oI Iradenarks, designs, Iechnical knowhow, non conpeIe Iees and oIher inIangible
asseIs are sIaIed aI cosI oI acquisiIion based on Iheir agreenenIs and are available Io Ihe Group in perpeIuiIy.
The anorIisable anounI oI inIangible asseIs is arrived aI, based on Ihe nanagenenI's besI esIinaIes oI useIul
lives oI such asseIs aHer due consideraIion as regards Iheir expecIed usage, Ihe producI liIe cycles, Iechnical and
Iechnological obsolescence, narkeI denand Ior producIs, conpeIiIion and Iheir expecIed IuIure beneIIs Io Ihe
Group.
41 (a) The Group has given certain premises and Plant and Machinery under operating lease or leave and license
agreements. These are generally not non-cancellable and range between 11 months to 5 years under leave and
license, or longer Ior oIher lease and are renewable by nuIual consenI on nuIually agreeable Ierns. The Group
has received reIundable inIeresI Iree securiIy deposiIs, where applicable, in accordance wiIh agreed Ierns.
(b) The Group has obIained cerIain prenises Ior iIs business operaIions (including IurniIure and IIIings, Iherein as
applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and
range beIween !! nonIhs Io S years under leave and licenses, or longer Ior oIher lease and are renewable by
nuIual consenI on nuIually agreeable Ierns. The Group has given reIundable inIeresI Iree securiIy deposiIs in
accordance with the agreed terms.
(c) Lease receipIs}paynenIs are recognised in Ihe SIaIenenI oI ProII and Loss under "PenI in NoIe ?3 and NoIe ?8.
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
(d) Operating lease
(i) Group as lessee
The IuIure nininun lease paynenIs under non-cancellable operaIing lease
not later than one year ?63.3 ?S6.7
laIer Ihan one year and noI laIer Ihan Ive years 363.0 463.4
laIer Ihan Ive years 103.7 -
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
(ii) Group as lessor
The IuIure nininun lease paynenIs under non-cancellable
operating lease
not later than one year 55.0 50.7
laIer Ihan one year and noI laIer Ihan Ive years 33.0 78.0
laIer Ihan Ive years - -
!?9
Notes
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
e) Finance lease
Group as lessor
The IuIure nininun lease paynenIs under non-cancellable Inance lease
laIer Ihan one year and noI laIer Ihan Ive years 180.5 !69.3
laIer Ihan Ive years 606.! 640.7
Less . Unearned Finance lncone 498.0 513.2
PresenI value oI nininun lease paynenIs receivable aggregaIe
laIer Ihan one year and noI laIer Ihan Ive years 35.1 ?3.9
laIer Ihan Ive years 285.1 303.2
42 ACCOUNTING STANDARD (AS-15) ON EMPLOYEE BENEFITS
ConIribuIions are nade Io Pecognised ProvidenI Fund} GovernnenI ProvidenI Fund, Fanily Pension Fund, ESlC
and oIher SIaIuIory Funds which covers all regular enployees. While boIh Ihe enployees and Ihe Group nake
predeIernined conIribuIions Io Ihe ProvidenI Fund and ESlC, conIribuIion Io Ihe Fanily Pension Fund are nade
only by Ihe Group. The conIribuIions are nornally based on a cerIain proporIion oI Ihe enployee's salary. AnounI
recognised as expense in respecI oI Ihese deIned conIribuIion plans, aggregaIe Io ` 215.0 Million (Previous Year
` !7S.9 Nillion).
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
ConIribuIion Io ProvidenI Fund 204.4 !6?.0
Contribution to Employees State Insurance Scheme (ESIC) and
Employees Deposit Linked Insurance (EDLI)
10.5 8.5
ConIribuIion Io Labour WelIare Fund 0.1 0.1
Enployer's ConIribuIion Io Fanily Pension Fund (` 20,784) 0.0 5.3
ln respecI oI GraIuiIy, conIribuIions are nade Io LlC's Pecognised Group GraIuiIy Fund Schene based on anounI
denanded by LlC oI lndia. Provision Ior GraIuiIy is based on acIuarial valuaIion done by independenI acIuary as aI Ihe
year end. AcIuarial ValuaIion Ior ConpensaIed Absences is done as aI Ihe year end and Ihe provision is nade as per
Conpany rules wiIh corresponding charge Io Ihe SIaIenenI oI ProII and Loss anounIing Io ` 75.3 Million (Previous
Year ` 112.4 Million) and it covers all regular employees. Major drivers in actuarial assumptions, typically, are years
oI service and enployee conpensaIion. ConniInenIs are acIuarially deIernined using Ihe 'ProjecIed UniI CrediI'
neIhod. Gains and losses on changes in acIuarial assunpIions are accounIed Ior in Ihe SIaIenenI oI ProII and Loss.
130
Category of Plan Assets : The Group's Plan AsseIs in respecI oI GraIuiIy are Iunded Ihrough Ihe Group Schene
oI Ihe LlC oI lndia.
` in Million
Year ended
31st March, 2014
Year ended
31st March, 2013
ln respecI oI graIuiIy (Iunded).
ReconcIaton of IabIty ] (asset) recognsed n the BaIance Sheet
PresenI value oI conniInenIs (as per AcIuarial ValuaIion) 515.3 4S7.9
Fair value oI plan asseIs (514.7) (436.6)
Net liability / (asset) in the Balance sheet 0.6 21.3
Novement n net IabIty ] (asset) recognsed n the BaIance Sheet
NeI liabiliIy } (asseI) as aI Ihe beginning oI Ihe year 21.3 (36.0)
NeI ConniInenIs IransIerred 8.6 -
NeI expense recognised in Ihe SIaIenenI oI ProII and Loss 34.3 124.0
Contribution during the year (63.6) (66.7)
Net liability / (asset) in the Balance sheet 0.6 21.3
Expense recognsed n the Statement of Prot and Loss
Current service cost 50.8 38.1
Interest cost 36.? ?6.S
ExpecIed reIurn on plan asseIs (34.5) (?9.7)
Actuarial loss/ (gain) (18.2) 89.!
Expense charged Io Ihe SIaIenenI oI ProII and Loss 34.3 124.0
Return on plan assets
ExpecIed reIurn on plan asseIs 34.5 ?9.7
Actuarial gain 4.4 8.2
Actual return on plan assets 38.9 37.9
ReconcIaton of dened-benet commtments
ConniInenIs as aI Ihe beginning oI Ihe year 4S7.9 3!!.6
NeI ConniInenIs IransIerred 8.6 -
Current service cost 50.8 38.1
Interest cost 36.? ?6.S
Paid beneIIs (24.4) (!S.6)
Actuarial (gain) / loss (13.8) 97.3
Commitments as at the year end 515.3 4S7.9
Reconciliation of plan assets
Plan asseIs as aI Ihe beginning oI Ihe year 436.6 347.6
ExpecIed reIurn on plan asseIs 34.5 ?9.7
Contributions during the year 63.6 66.7
Paid beneIIs (24.4) (!S.6)
Actuarial gain 4.4 8.2
Plan assets as at the year end 514.7 436.6
The acIuarial calculaIions used Io esIinaIe conniInenIs and expenses in respecI oI graIuiIy and conpensaIed
absences are based on Ihe Iollowing assunpIions which iI changed, would aHecI Ihe conniInenI's size, Iunding
requirenenIs and expense.
131
Notes
Discount rate 9.3! 8.25%-8.50%
ExpecIed reIurn on plan asseIs 9.3! 8.25%-8.50%
ExpecIed raIe oI salary increase 7.00% 6.00-7.00
Mortality Indian Assured Lives Mortality
(?006-08) UlIinaIe
The esIinaIes oI IuIure salary increases, considered in Ihe acIuarial valuaIion, Iakes inIo accounI inIaIion, senioriIy,
pronoIion and oIher relevanI IacIors such as supply and denand in Ihe enploynenI narkeI.
` in Million
Year ended
31st
March,
2014
31st
March,
2013
31st
March,
2012
31st
March,
2011
31st
March,
2010
Experience adjusInenI
On plan liabilities 55.7 32.1 ?6.S 18.1 57.2
On plan assets 4.4 8.2 6.8 3.4 3.4
PresenI value oI beneII obligaIion 515.3 4S7.9 3!!.6 257.3 ?!9.S
Fair value oI plan asseIs (514.7) (436.6) (347.6) (284.2) (?36.3)
Excess oI obligaIion over plan asseIs } (plan
assets over obligation)
0.6 21.3 (36.0) (27.0) (!6.8)
The conIribuIion expecIed Io be nade by Ihe Group during Inancial year ending 3!sI Narch, ?0!S is ` 117.5 Million
(Previous Year ` 88.5 Million).
NoIe .
The above disclosure are provided Io Ihe exIenI applicable and available Iron Ihe individual Financial SIaIenenIs oI
Parent, subsidiaries and Jointly Controlled Entities.
43 Taro PharnaceuIical lndusIries LId. and iIs lsraeli subsidiaries are required Io nake severance or pension paynenIs
to dismissed employees and to employees terminating employment under certain other circumstances. Deposits are
nade wiIh a pension Iund or oIher insurance plans Io secure pension and severance righIs Ior Ihe enployees in lsrael.
44 SIock-based conpensaIion is accounIed aI Taro PharnaceuIical lndusIries LId. (Taro) based on Ihe esIinaIed Iair
value oI sIock opIions granIed using Ihe Black-Scholes nodel. Taro recognizes conpensaIion expense Ior Ihe value
oI iIs awards granIed subsequenI Io |anuary !, ?006, based on Ihe sIraighI-line neIhod over Ihe requisiIe service
period oI each oI Ihe awards, neI oI esIinaIed IorIeiIures. The Iair value oI an award is aHecIed by Ihe sIock price on
Ihe daIe oI granI and oIher assunpIions, including Ihe esIinaIed volaIiliIy oI sIock price over Ihe Iern oI Ihe awards
and Ihe esIinaIed period oI Iine IhaI Taro expecI enployees Io hold Iheir sIock opIions.
132
A sunnary oI Taro sIock acIiviIy and relaIed inIornaIion Ior Ihe year ended Narch ?0!4 .
No. oI
Options
Exercise price
(In USD)
Weighted
Average
Exercised
Price
(In USD)
Weighted
Average
remaining
Contractual
Terms
(in Years)
Aggregate
Intrinsic
Value
(In USD)
OuIsIanding aI Ihe beginning oI Ihe year 25,500 $?4.7 - $68.S 52.3 0.9 220.0
(3?9,0SS) ($?.4 - $68.S) (?6.0) - -
Exercised during Ihe year -23,700 $?4.7 - $68.S 53.3 - -
(-?9!,SSS) ($2.4 - $54.5) (??.6) - -
ForIeiIed during Ihe year -800 $SS.0 - $60.4 57.0 - -
(-12,000) ($39.0 - $68.S) (S?.6) - -
OuIsIanding aI Ihe end oI Ihe year 1,000 $?6.0 ?6.0 0.6 85.0
(25,500) ($?4.7 - $68.S) (52.3) (0.9) (220.0)
Exercisable aI Ihe end oI Ihe year 1,000 - ?6.0 0.6 85.0
(25,500) - (52.3) (0.9) (220.0)
VesIed and expecIed Io vesI aI Ihe end oI Ihe year 1,000 - ?6.0 0.6 85.0
(25,500) - (52.3) (0.9) (220.0)
Previous Year Igures are in brackeIs.
45 The Iollowing are Ihe ouIsIanding DerivaIive ConIracIs enIered by Ihe Conpany and sone oI iIs Subsidiaries as on
3!sI Narch, ?0!4.
NaIure oI DerivaIive ConIracI
Currency Buy / Sell Cross
Currency
As at
31st March, 2014
As at
31st March, 2013
Amount In
Million (USD)
Amount In
Million (USD)
Forward ConIracIs US Dollar Sell INR 240.0 300.0
Forward ConIracIs US Dollar Sell NIS 41.0 41.0
Forward ConIracIs US Dollar Sell CAD 6S.3 96.0
Cross Currency Swaps NIS Buy US Dollar 9.! 18.8
Interest Rate Swaps
(FloaIing Io Fixed)
US Dollar Sell US Dollar 7.8 9.!
46 As a resulI oI Ihe Food and Drug AdninisIraIion (FDA) acIion on ?9Ih SepIenber, ?009 Caraco PharnaceuIical
LaboraIories LId (Caraco) had volunIarily ceased nanuIacIuring operaIions aI iIs DeIroiI IaciliIy. ln accordance wiIh
Ihe ConsenI Decree, Caraco engaged } consIiIuIed a consulIing Irn which conprised oI currenI Good NanuIacIuring
PracIice ("cGNP) experIs and aHer Iaking correcIive neasures and required renedial neasures, subniIIed a work
plan Io Ihe FDA, in OcIober ?009 leading Io resunpIion oI iIs nanuIacIuring operaIions. The FDA approved Ihis
work plan on !7Ih Narch, ?0!0 and Ihe proIocol in Ihird parIy cerIiIcaIion subniIIed on SIh Nay, ?0!0 was accepIed
by FDA on ?4Ih |une, ?0!0. On 9Ih Nay, ?0!! Caraco received wriIIen noIiIcaIion IhaI iIs cGNP consulIanIs had
subniIIed wriIIen cerIiIcaIion Io FDA pursuanI Io paragraph ?! F oI Ihe consenI decree wiIh respecI Io Iwo producIs
IhaI iI decided Io nanuIacIure. FDA subsequenIly inspecIed Ihe IaciliIy and on ?7Ih AugusI, ?0!? noIiIed IhaI
Caraco appears to be in compliance with the consent decree and it may resume operations. Independent audit and
Iollow up audiIs were conducIed subsequenIly and nosI recenI FDA lnspecIion has been concluded wiIh no FDA 483
observaIions being issued. Caraco is currenIly nanuIacIuring six producIs. SubsequenI Io 3!sI Narch, ?0!4, Caraco
announced iIs inIenIion Io close Ihe DeIroiI nanuIacIuring IaciliIy in Inancial year ?0!4-!S. Because oI Ihe process
oI noving producIion Io oIher siIes and currenI capaciIies wiIh oIher IaciliIies, Caraco believes iI does noI nake
econonic sense Io conIinue Io operaIe Ihis IaciliIy.
133
Notes
47 DeIerred Iax asseI on neI operaIing losses is nainly perIaining Io cerIain subsidiaries. Such operaIing losses had
arisen nainly on accounI oI expenses on preclinical and clinical Irials prior Io approval and connercial launch oI
underlying producIs. Having regard Io Ihe recenI hisIory oI growIh in operaIions and revenue Ihe NanagenenI
believes IhaI such evenIs represenI virIual cerIainIy supporIed by convincing evidence IhaI suHcienI IuIure Iaxable
incone will be available againsI which such deIerred Iax asseIs can be realised.
48 Legal reserve was creaIed in accordance wiIh Ihe requirenenI oI Nexican General CorporaIion Law ouI oI Ihe
Peserves oI earlier year.
49 Taro PharnaceuIical lndusIries LId. had closed during ?0!0, i.e., prior Io acquiring conIrol by Ihe Conpany, Ihe
nanuIacIuring IaciliIy oI iIs subsidiary in lreland and decided Io sell Ihe IaciliIy. The nanagenenI oI Ihe Group is oI
Ihe view IhaI Ihe closure does noI have naIerial inpacI on Ihe Group's Inancials. The relaIed asseIs ` 108 Million
(Previous Year ` 118.7 Million), Liabilities ` Nil (Previous Year ` 3.8 Million), Revenues ` Nil (Previous Year ` ??.6 Nillion)
and Losses ` !9.? Nillion (Previous Year ` 6S.3 Nillion) aIIribuIable Io iIs lrish Subsidiary has been considered in Ihe
ConsolidaIed Financial SIaIenenIs.
50 a) Alkaloida Chenical Conpany ZrI., a subsidiary oI Ihe Conpany holds ?!.!4 as on 3!sI Narch, ?0!4 in Ihe
capiIal oI Peanal LId. However, as Alkaloida does noI have any 'SigniIcanI lnIuence' in Peanal LId., as is
required under AS ?3 - "AccounIing Ior lnvesInenIs in AssociaIes in ConsolidaIed Financial SIaIenenIs, Ihe
said investment in Reanal Ltd has not been consolidated as an Associate Entity. Accordingly, the investment
in Peanal LId. is accounIed in accordance wiIh AccounIing SIandard !3 - "AccounIing Ior lnvesInenIs.
b) Sun Pharna Global FZE, a subsidiary oI Ihe Conpany holds ?3.3S in Ihe capiIal oI Enceladus PharnaceuIical
B.V. However, as Sun Pharna Global FZE does noI have any 'SigniIcanI lnIuence' in Enceladus
PharnaceuIical B.V., as is required under AS ?3 - "AccounIing Ior lnvesInenIs in AssociaIes in ConsolidaIed
Financial SIaIenenIs, Ihe said invesInenI in Enceladus PharnaceuIical B.V. has noI been consolidaIed as an
"AssociaIe EnIiIy. Accordingly, Ihe invesInenI in Enceladus PharnaceuIical B.V. is accounIed in accordance
wiIh AccounIing SIandard !3 - "AccounIing Ior lnvesInenIs.
51 As per Ihe besI esIinaIe oI Ihe nanagenenI, provision has been nade as per AccounIing SIandard (AS) ?9, in respecI
oI any presenI obligaIion as a resulI oI a pasI evenI IhaI could lead Io a probable ouIIow oI resources, which would
be required Io seIIle Ihe obligaIion.
` in Million
As at
31st March, 2014
As at
31st March, 2013
Provision*
Opening balance 9,?83.! 6,80S.!
Add. Provision Ior Ihe year 7,97!.S 7,068.4
Less. Used}Peversed (S,894.!) (4,587.3)
Add}(Less). Foreign currency IranslaIion diHerence 578.5 (3.1)
Closing balance 11,939.0 9,283.1
The above includes provisions Ior ProducI reIurns, Chargebacks, Nedicaid, cash discounI and rebaIes and pending
lawsuiIs, penalIies and Ines.
Provisions Ior producI reIurns, Nedicaid (provision aI TAPO nade during Ihe year includes USD 3?.S Nillion (Previous
Year USD 30.0 Nillion) equivalenI Io ` !,948.9 Nillion (Previous Year ` !,6?8.4 Nillion) Iowards clain under sIaIe
medicaid programme) and indirect rebates are included in short and long term provisions. All other sales deduction
allowances are recorded as accounIs receivable reserves}provisions and reduced Iron Irade receivable. The provisions
Ior reIurns is included in shorI and long Iern provisions as subsIanIially all oI Ihese reIurns will noI be realized unIil
aHer Ihe year-end accounIs receivable balances are seIIled. Nedicaid and indirecI rebaIes are included in shorI and
long Iern provisions because Ihe Group does noI have direcI cusIoner relaIionships wiIh any oI Ihe payees.
134
52 a) The consolidaIed Inancial sIaIenenIs oI Ihe Conpany Ior Ihe year ended 3!sI Narch, ?0!4 were earlier
approved by Ihe Board oI DirecIors aI Iheir neeIing held on ?9Ih Nay, ?0!4 on which SIaIuIory AudiIors oI
Ihe Conpany had issued Iheir reporI daIed ?9Ih Nay, ?0!4. ConsequenI Io Ihe Order oI Ihe Hon'ble High
CourI oI GujaraI sancIioning Ihe Schene oI ArrangenenI Ior denerger and IransIer oI speciIed underIaking,
wiIh eHecI Iron !sI Nay, ?0!3, Ihe appoinIed daIe, oI Sun Pharna Global FZE, a wholly owned subsidiary inIo
Ihe Conpany, wiIhouI any consideraIion on a going concern basis consisIing oI all Ihe asseIs and liabiliIies
perIaining Io Ihe said underIaking, Ihe sIandalone Inancial sIaIenenIs oI Ihe Conpany and Sun Pharna Global
FZE were revised Io give eHecI Io Ihe said schene oI arrangenenI wiIh eHecI Iron !sI Nay, ?0!3. ln view oI
Ihe above, Ihe earlier approved consolidaIed Inancial sIaIenenIs are revised only Io incorporaIe Ihe revised
Inancial sIaIenenIs oI Ihe aIoresaid enIiIies.
b) On !!Ih |une, ?0!3, Sun Pharna Global FZE (SPG), a wholly owned subsidiary has enIered inIo seIIlenenI
agreenenI Ior USD SS0 nillion wiIh PIzer lnc., USA, WyeIh LLC USA and Nyconed GnbH, Gernany in
seIIlenenI oI Ihe clain oI paIenI inIringenenI liIigaIion relaIed Io generic version oI "ProIonix. SPG has
enIered inIo an agreenenI wiIh a Ihird parIy in Ierns oI which Ihe said parIy has agreed Io bear danages
on accounI oI paIenI inIringenenI Io Ihe exIenI oI USD 400 Nillion (equivalenI Io ` 24,002.0 Million) in
consideraIion oI SPG agreeing Io sell Ihen pharnaceuIical producIs aI a negoIiaIed discounIed price Ior a
speciIed period. Accordingly, a provision oI USD 438.S Nillion (equivalenI Io ` ?6,3!?.? Nillion) |including
oIher relaIed expecIed discounI and incidenIal expenses oI USD 38.S Nillion (equivalenI Io ` ?,3!0.? Nillion)]
Iowards esIinaIed expecIed liabiliIy on Ihis accounI, has been accounIed Ior and given eHecI in Ihese Inancial
sIaIenenIs. The above charge oI USD SS0 Nillion |equivalenI Io ` 3!,009.9 Nillion (including ` 5,835.8 Million
provided during previous year)] has been considered as excepIional iIen and ` 2,381.2 Million has been included
in niscellaneous expenses. NovenenI in provision. Opening balance ` S,808.0 Nillion, nade ` ?7,SSS.3 Nillion,
used/reversed ` 9,!90.S Nillion, Foreign currency IranslaIion reserve}Exchange IucIuaIion ` ?,!39.4 Nillion and
closing balance ` ?6,3!?.? Nillion.
53 ln Narch ?0!4, Ihe USFDA issued an inporI alerI Io Ihe Conpany Ior iIs cephalosporin IaciliIy locaIed aI Karkhadi,
GujaraI in lndia. The warning leIIer perIaining Io Ihis inporI alerI was issued by Ihe USFDA in Nay ?0!4. The leIIer
idenIiIes pracIices aI Ihe IaciliIy which are non-conplianI wiIh currenI Good NanuIacIuring PracIice (cGNP)
regulaIions. The Conpany renains Iully conniIIed Io conpliance and has already iniIiaIed several correcIive sIeps
Io address Ihe observaIions nade by Ihe USFDA. lI is conniIIed Io working cooperaIively and expediIiously wiIh
Ihe USFDA Io resolve Ihe naIIers indicaIed in iIs leIIer. UnIil Ihese naIIers are resolved Io Ihe saIisIacIion oI Ihe
USFDA, Ihe USFDA nay, in Ihe near Iern, wiIhhold approval oI pending new drug applicaIions Iron Ihis IaciliIy. The
conIribuIion oI Ihis IaciliIy Io Sun Pharna's consolidaIed revenues is noI signiIcanI.
54 ConsequenI Io giving eHecI Io Ihe Schene oI ArrangenenI as reIerred in NoIe S?(a) above, resulIing in Ihe absence
oI neI proIIs in Ihe Conpany Ior Ihe year, (i) renuneraIion Io Ihe Nanaging DirecIor and Ihe Whole-Iine DirecIors
oI Ihe Conpany Ior Ihe year ended 3!sI Narch, ?0!4 has exceeded Ihe liniIs speciIed under Schedule Xlll Io Ihe
Conpanies AcI, !9S6 by ` 44.7 Nillion, and (ii) connission oI ` 6.4 Nillion Ior Ihe year ended 3!sI Narch, ?0!4 Io Ihe
Non-ExecuIive DirecIors oI Ihe Conpany has exceeded in Ierns oI secIion 309(4) read wiIh secIion 309(S) oI Ihe
Conpanies AcI, !9S6. The Conpany is in Ihe process oI seeking approval Iron Ihe shareholders oI Ihe Conpany and
Ihe CenIral GovernnenI oI lndia in respecI oI Ihe aIoresaid anounIs. (The Conpany neans ParenI Conpany).
55 Dusa Pharmaceuticals Inc (Dusa) and URL Pharma Inc. (URL), pharmaceutical companies, both being incorporated
in UniIed SIaIes oI Anerica becane subsidiaries oI Ihe Conpany on ?0Ih Decenber, ?0!? and SIh February, ?0!3
respecIively. Accordingly, Ihe Igures oI Ihe ConsolidaIed SIaIenenI oI ProII and Loss Ior Ihe previous year are noI
comparable with the current year.
56 SIaIenenI regarding subsidiary conpanies as required under SecIion ?!? (8) oI Ihe Conpanies AcI, !9S6 pursuanI Io
General Circular No. ?}?0!! daIed 8Ih February, ?0!! issued by Ihe NinisIry oI CorporaIe AHairs - As per Annexure 'B'.
57 Figures perIaining Io Ihe subsidiary conpanies have been reclassiIed wherever necessary Io bring Ihen in line wiIh
Ihe group Inancial sIaIenenIs.
58 Previous year's Igures are regrouped wherever necessary.
135
Notes
ANNEXURE A
ACCOUNTING STANDARD (AS-18) RELATED PARTY DISCLOSURE
Names of related parties and description of relationship
!. Key NanagenenI
Personnel
Mr. Dilip S. Shanghvi Managing Director
Nr. Sudhir V. Valia Wholetime Director
Mr. Sailesh T. Desai Wholetime Director
?. PelaIives oI Key
Management Personnel
Mr. Aalok Shanghvi Son oI Nanaging DirecIor
Ns. Vidhi Shanghvi DaughIer oI Nanaging DirecIor
3. Enterprise under
signiIcanI inIuence oI key
Management Personnel or
their relatives
Sun Petrochemicals Pvt Ltd
Navjivan Rasayan (Gujarat) Pvt Ltd
Sun Pharma Advanced Research
Company Ltd
Sugandh Management Consultancy (till
?8Ih February, ?0!3)
!36
A
C
C
O
U
N
T
I
N
G

S
T
A
N
D
A
R
D

(
A
S
-
1
8
)

R
E
L
A
T
E
D

P
A
R
T
Y

D
I
S
C
L
O
S
U
R
E

`

i
n

M
i
l
l
i
o
n
P
a
r
t
i
c
u
l
a
r
s
K
e
y

N
a
n
a
g
e
n
e
n
I

P
e
r
s
o
n
n
e
l
P
e
l
a
I
i
v
e
s

o
I

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
E
n
t
e
r
p
r
i
s
e

u
n
d
e
r

s
i
g
n
i
I
c
a
n
I

l
n
I
u
e
n
c
e

o
I

K
e
y

N
a
n
a
g
e
n
e
n
I

P
e
r
s
o
n
n
e
l

o
r

t
h
e
i
r

r
e
l
a
t
i
v
e
s
T
o
t
a
l
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
P
u
r
c
h
a
s
e

o
f

F
i
x
e
d

A
s
s
e
t
s
-
-
-
-
2
4
1
.
2
7
9
S
.
!
2
4
1
.
2
7
9
S
.
!
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
2
4
1
.
2
7
9
S
.
!
2
4
1
.
2
7
9
S
.
!
S
a
l
e

o
f

g
o
o
d
s

-
-
-
-
1
7
.
5
2
4
.
1
1
7
.
5
2
4
.
1
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
1
7
.
5
2
4
.
1
1
7
.
5
2
4
.
1
S
a
l
e

o
f

F
i
x
e
d

A
s
s
e
t
s
-
-
-
-
0
.
4
-
0
.
4
-
S
u
n

P
e
t
r
o
c
h
e
m
i
c
a
l
s

P
v
t

L
t
d
-
-
-
-
0
.
4
-
0
.
4
-
R
e
c
e
i
v
i
n
g

o
f

S
e
r
v
i
c
e
S
e
r
v
i
c
e
s
-
-
-
-
4
3
4
.
5
!
7
6
.
3
4
3
4
.
5
!
7
6
.
3
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
4
3
4
.
5
!
7
6
.
3
4
3
4
.
5
!
7
6
.
3
R
e
i
m
b
u
r
s
e
m
e
n
t

o
f

E
x
p
e
n
s
e
s
-
-
-
-
1
3
.
7
1
.
3
1
3
.
7
1
.
3
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
1
3
.
7
1
.
3
1
3
.
7
1
.
3
L
o
a
n
s

g
i
v
e
n

-
-
-
-
3
1
1
.
0
8
!
?
.
9
3
1
1
.
0
8
!
?
.
9
S
u
g
a
n
d
h

M
a
n
a
g
e
m
e
n
t

C
o
n
s
u
l
t
a
n
c
y
-
-
-
-
-
3
?
.
9
-
3
?
.
9
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
3
1
1
.
0
7
8
0
.
0
3
1
1
.
0
7
8
0
.
0
L
o
a
n
s

R
e
c
e
i
v
e
d

b
a
c
k

-
-
-
-
!
,
0
4
9
.
4
7
5
.
0
!
,
0
4
9
.
4
7
5
.
0
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
!
,
0
4
9
.
4
7
5
.
0
!
,
0
4
9
.
4
7
5
.
0
R
e
n
d
e
r
i
n
g

o
f

S
e
r
v
i
c
e
S
e
r
v
i
c
e
s
-
-
-
-
0
.
2
-
0
.
2
-
S
u
n

P
e
t
r
o
c
h
e
m
i
c
a
l
s

P
v
t

L
t
d
-
-
-
-
0
.
2
-
0
.
2
-
R
e
i
m
b
u
r
s
e
m
e
n
t

o
f

E
x
p
e
n
s
e
s
-
-
-
-
4
7
.
7
3
6
.
9
4
7
.
7
3
6
.
9
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
4
7
.
7
3
6
.
9
4
7
.
7
3
6
.
9
N
O
T
E
S

F
O
P
N
l
N
G

P
A
P
T

O
F

T
H
E

C
O
N
S
O
L
l
D
A
T
E
D

F
l
N
A
N
C
l
A
L

S
T
A
T
E
N
E
N
T
S

I
o
r

I
h
e

y
e
a
r

e
n
d
e
d

3
!
s
I

N
a
r
c
h
,

?
0
!
4
137
Notes
A
C
C
O
U
N
T
I
N
G

S
T
A
N
D
A
R
D

(
A
S
-
1
8
)

R
E
L
A
T
E
D

P
A
R
T
Y

D
I
S
C
L
O
S
U
R
E

`

i
n

M
i
l
l
i
o
n
P
a
r
t
i
c
u
l
a
r
s
K
e
y

N
a
n
a
g
e
n
e
n
I

P
e
r
s
o
n
n
e
l
P
e
l
a
I
i
v
e
s

o
I

K
e
y

M
a
n
a
g
e
m
e
n
t

P
e
r
s
o
n
n
e
l
E
n
t
e
r
p
r
i
s
e

u
n
d
e
r

s
i
g
n
i
I
c
a
n
I

l
n
I
u
e
n
c
e

o
I

K
e
y

N
a
n
a
g
e
n
e
n
I

P
e
r
s
o
n
n
e
l

o
r

t
h
e
i
r

r
e
l
a
t
i
v
e
s
T
o
t
a
l
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
3
1
.
0
3
.
2
0
1
4
3
1
.
0
3
.
2
0
1
3
I
n
t
e
r
e
s
t

I
n
c
o
m
e
-
-
-
-
5
3
.
8
3
7
.
1
5
3
.
8
3
7
.
1
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
5
3
.
8
3
7
.
1
5
3
.
8
3
7
.
1
R
e
n
t

I
n
c
o
m
e
-
-
-
-
1
.
5
1
.
5
1
.
5
1
.
5
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
1
.
4
1
.
4
1
.
4
1
.
4
N
a
v
j
i
v
a
n

R
a
s
a
y
a
n

(
G
u
j
a
r
a
t
)

P
v
t

L
t
d
-
-
-
-
0
.
1
0
.
1
0
.
1
0
.
1
D
i
r
e
c
t
o
r
s

R
e
m
u
n
e
r
a
t
i
o
n
?
0
!
.
6
7
0
.
6
-
-
-
-
?
0
!
.
6
7
0
.
6
M
r
.

D
i
l
i
p

S
.

S
h
a
n
g
h
v
i
1
0
4
.
2
1
0
.
3
-
-
-
-
1
0
4
.
2
1
0
.
3
N
r
.

S
u
d
h
i
r

V
.

V
a
l
i
a

8
8
.
0
5
1
.
8
-
-
-
-
8
8
.
0
5
1
.
8
M
r
.

S
a
i
l
e
s
h

T
.

D
e
s
a
i
9
.
4
8
.
5
-
-
-
-
9
.
4
8
.
5
A
p
p
r
e
n
t
i
c
e
s
h
i
p

S
t
i
p
e
n
d

/

R
e
m
u
n
e
r
a
t
i
o
n
-
-
!
9
.
6
3
2
.
8
-
-
!
9
.
6
3
2
.
8
M
r
.

A
a
l
o
k

S
h
a
n
g
h
v
i
-
-
!
9
.
0
3
?
.
6
-
-
!
9
.
0
3
?
.
6
N
s
.

V
i
d
h
i

S
h
a
n
g
h
v
i
-
-
0
.
6
0
.
2
-
-
0
.
6
0
.
2
O
u
t
s
t
a
n
d
i
n
g

R
e
c
e
i
v
a
b
l
e
s

/

(
P
a
y
a
b
l
e
s
)

(
N
e
t
)

a
s

o
n
(
!
S
6
.
0
)
(
2
5
.
3
)
(
0
.
7
)
(
8
2
.
3
)
(
2
1
0
.
2
)
7
3
1
.
1
(
3
6
6
.
9
)
6
?
3
.
S
S
u
n

P
h
a
r
m
a

A
d
v
a
n
c
e
d

R
e
s
e
a
r
c
h

C
o
m
p
a
n
y

L
t
d
-
-
-
-
(
2
1
0
.
7
)
7
3
1
.
1
(
2
1
0
.
7
)
7
3
1
.
1
S
u
n

P
e
t
r
o
c
h
e
m
i
c
a
l
s

P
v
t

L
t
d
-
-
-
-
0
.
5
-
0
.
5
-
M
r
.

D
i
l
i
p

S
.

S
h
a
n
g
h
v
i
(
8
1
.
7
)
(
6
.
?
)
-
-
-
-
(
8
1
.
7
)
(
6
.
?
)
N
r
.

S
u
d
h
i
r

V
.

V
a
l
i
a

(
7
0
.
9
)
(
!
6
.
4
)
-
-
-
-
(
7
0
.
9
)
(
!
6
.
4
)
M
r
.

A
a
l
o
k

S
h
a
n
g
h
v
i
-
-
(
1
.
1
)
(
8
2
.
3
)
-
-
(
1
.
1
)
(
8
2
.
3
)
N
s
.

V
i
d
h
i

S
h
a
n
g
h
v
i

|
(
P
r
e
v
i
o
u
s

Y
e
a
r

`

?
4
,
!
!
S
)
]
-
-
0
.
4
(
0
.
0
)
-
-
0
.
4
(
0
.
0
)
M
r
.

S
a
i
l
e
s
h

T
.

D
e
s
a
i

(
3
.
4
)
(
2
.
7
)
-
-
-
-
(
3
.
4
)
(
2
.
7
)
N
O
T
E
S

F
O
P
N
l
N
G

P
A
P
T

O
F

T
H
E

C
O
N
S
O
L
l
D
A
T
E
D

F
l
N
A
N
C
l
A
L

S
T
A
T
E
N
E
N
T
S

I
o
r

I
h
e

y
e
a
r

e
n
d
e
d

3
!
s
I

N
a
r
c
h
,

?
0
!
4
138
A
N
N
E
X
U
R
E

S
T
A
T
E
M
E
N
T

R
E
G
A
R
D
I
N
G

S
U
B
S
I
D
I
A
R
Y

C
O
M
P
A
N
I
E
S

A
S

R
E
Q
U
I
R
E
D

U
N
D
E
R

S
E
C
T
I
O
N

2
1
2

(
8
)

O
F

T
H
E

C
O
M
P
A
N
I
E
S

A
C
T
,

1
9
5
6

P
U
R
S
U
A
N
T

T
O

G
E
N
E
R
A
L

C
I
R
C
U
L
A
R

N
O
.

2
/
2
0
1
1

D
A
T
E
D

F
E
B
R
U
A
R
Y

8
T
H

2
0
1
1

I
S
S
U
E
D

B
Y

T
H
E

M
I
N
I
S
T
R
Y

O
F

C
O
R
P
O
R
A
T
E

A
F
F
A
I
R
S

`

i
n

M
i
l
l
i
o
n
S
R

N
O
N
a
m
e

o
f

t
h
e

S
u
b
s
i
d
i
a
r
y

C
o
m
p
a
n
y
R
e
p
o
r
t
i
n
g

C
u
r
e
n
c
y
R
a
t
e

C
a
p
i
t
a
l

R
e
s
e
r
v
e

T
o
t
a
l

A
s
s
e
t
s

T
o
t
a
l

L
i
a
b
i
l
i
t
i
e
s

I
n
v
e
s
t
m
e
n
t

o
t
h
e
r

t
h
a
n

I
n
v
e
s
t
m
e
n
t

i
n

S
u
b
s
i
d
i
a
r
y

T
u
r
n
o
v
e
r

P
r
o
f
t

/

(
L
o
s
s
)

b
e
f
o
r
e

T
a
x
a
t
i
o
n

P
r
o
v
i
s
i
o
n

f
o
r

T
a
x
a
t
i
o
n

P
r
o
f
t

/

(
L
o
s
s
)

a
f
e
r

T
a
x
a
t
i
o
n

P
r
o
p
o
s
e
d

D
i
v
i
d
e
n
d
1
G
r
e
e
n

E
c
o

D
e
v
e
l
o
p
m
e
n
t

C
e
n
t
e
r

L
t
d
.
I
N
R
1
.
0
0
1
.
0
(
0
.
8
)
4
.
6
4
.
4
-
-
(
0
.
5
)
-
(
0
.
5
)
-
2
S
u
n

P
h
a
r
m
a

G
l
o
b
a
l

I
n
c
.
U
S
D
6
0
.
0
1
4
7
,
3
0
1
.
3
1
5
9
,
1
6
8
.
2
2
0
6
,
4
7
0
.
1
0
.
6
-
-
1
5
0
,
8
1
5
.
0
-
1
5
0
,
8
1
5
.
0
-
3
Z
a
o

S
u
n

P
h
a
r
m
a

I
n
d
u
s
t
r
i
e
s

L
t
d
.
R
U
B
1
.
7
1
0
.
0
(
0
.
0
)
-
-
-
-
-
-
-
-
4
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

(
B
a
n
g
l
a
d
e
s
h
)

L
t
d
.
B
D
T
0
.
7
7
4
6
.
4
3
8
7
.
8
7
6
4
.
6
3
3
0
.
4
-
7
6
9
.
1
1
2
4
.
5
5
4
.
9
6
9
.
6
-
5
C
a
r
a
c
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l

L
a
b
o
r
a
t
o
r
i
e
s

L
t
d
.
U
S
D
6
0
.
0
1
1
3
,
0
5
3
.
0
(
6
,
8
8
9
.
4
)
6
0
,
4
9
5
.
1
5
4
,
3
3
1
.
5
1
,
2
4
2
.
8
4
6
,
6
7
5
.
4
(
8
3
7
.
0
)
(
3
3
5
.
5
)
(
5
0
1
.
5
)
-
6
T
K
S

F
a
r
m
a
c
e
u
t
i
c
a

L
t
d
a
B
R
L
2
6
.
4
0
1
4
7
.
1
(
1
,
1
9
7
.
7
)
2
,
0
0
9
.
5
3
,
0
6
0
.
1
-
7
9
9
.
9
(
5
2
6
.
9
)
-
(
5
2
6
.
9
)
-
7
S
u
n

P
h
a
r
m
a

D
e

M
e
x
i
c
o

S
.
A
.

D
E

C
.
V
.
M
X
N
4
.
6
0
4
.
6
3
6
6
.
7
7
6
9
.
2
3
9
7
.
9
-
9
8
8
.
2
2
4
7
.
5
6
9
.
7
1
7
7
.
8
-
8
S
P
I
L

D
e

M
e
x
i
c
o

S
.
A
.

D
E

C
.
V
.
M
X
N
4
.
6
0
0
.
2
-
0
.
2
-
-
-
-
-
-
-
9
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

P
e
r
u

S
.
A
.
C
S
o
l
e
s
2
1
.
3
6
0
.
0
(
7
3
.
0
)
0
.
9
7
3
.
9
-
-
(
2
0
.
4
)
-
(
2
0
.
4
)
-
1
0
O
O
O

S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

L
t
d
.
R
U
B
1
.
7
1
0
.
1
(
5
9
.
7
)
8
3
6
.
4
8
9
6
.
0
-
7
3
1
.
4
(
2
6
.
8
)
(
4
.
7
)
(
2
2
.
1
)
-
1
1
S
u
n

P
h
a
r
m
a

d
e

V
e
n
e
z
u
e
l
a
,

C
A
.
V
E
F
9
.
5
5
0
.
5
(
5
3
6
.
6
)
1
0
.
5
5
4
6
.
6
-
-
(
2
1
5
.
8
)
-
(
2
1
5
.
8
)
-
1
2
C
h
a
t
t
e
m

C
h
e
m
i
c
a
l
s

I
n
c
U
S
D
6
0
.
0
1
2
,
0
6
6
.
2
1
,
1
0
2
.
8
3
,
3
1
0
.
2
1
4
1
.
2
-
1
,
8
0
9
.
8
2
4
7
.
7
4
5
.
2
2
0
2
.
5
-
1
3
T
a
r
o

D
e
v
e
l
o
p
m
e
n
t

C
o
r
p
o
r
a
t
i
o
n
U
S
D
6
0
.
0
1
0
.
0
(
0
.
4
)
1
,
1
9
1
.
7
1
,
1
9
2
.
1
-
-
-
-
-
-
1
4
A
l
k
a
l
o
i
d
a

C
h
e
m
i
c
a
l

C
o
m
p
a
n
y

Z
r
t
.

U
S
D
6
0
.
0
1
5
,
2
8
9
.
5
1
,
2
0
3
.
9
5
0
,
5
0
5
.
5
4
4
,
0
1
2
.
1
1
9
1
.
8
9
7
0
.
3
(
1
,
0
6
5
.
9
)
-
(
1
,
0
6
5
.
9
)
-
1
5
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

U
K

L
t
d
.
G
B
P
9
9
.
9
8
-
(
6
2
8
.
5
)
1
8
1
.
1
8
0
9
.
6
-
9
5
7
.
2
8
1
.
4
(
0
.
3
)
8
1
.
7
-
1
6
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

(
A
u
s
t
r
a
l
i
a
)

P
t
y
.

L
t
d
.
A
U
D
5
5
.
5
8
0
.
0
(
5
0
.
6
)
1
0
5
.
7
1
5
6
.
3
-
8
1
.
4
(
4
5
.
6
)
-
(
4
5
.
6
)
-
1
7
A
d
i
t
y
a

A
c
q
u
i
s
i
t
i
o
n

C
o
m
p
a
n
y

L
t
d
.
I
L
S
1
7
.
2
5
0
.
0
(
0
.
2
)
6
0
.
2
6
0
.
4
-
8
2
.
3
(
0
.
2
)
-
(
0
.
2
)
-
1
8
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

(
E
u
r
o
p
e
)

B
.
V
.
E
U
R
O
8
2
.
6
3
1
.
5
(
2
0
8
.
8
)
6
4
3
.
7
8
5
1
.
0
-
9
0
7
.
7
3
.
9
-
3
.
9
-
1
9
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

I
t
a
l
i
a

S
.
R
.
L
.
E
U
R
O
8
2
.
6
3
0
.
8
(
3
7
2
.
0
)
8
4
7
.
0
1
,
2
1
8
.
2
-
6
5
7
.
4
(
2
9
.
7
)
-
(
2
9
.
7
)
-
2
0
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l

S
p
a
i
n
,

S
L
.
E
U
R
O
8
2
.
6
3
0
.
2
(
2
8
3
.
5
)
2
0
1
.
5
4
8
4
.
8
-
1
5
5
.
1
(
3
0
.
9
)
-
(
3
0
.
9
)
-
2
1
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

G
e
r
m
a
n
y

G
m
b
H
E
U
R
O
8
2
.
6
3
2
.
1
(
2
4
2
.
0
)
3
1
0
.
2
5
5
0
.
1
-
5
0
0
.
3
(
1
1
.
7
)
-
(
1
1
.
7
)
-
2
2
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

F
r
a
n
c
e
E
U
R
O
8
2
.
6
3
3
.
1
(
2
1
.
0
)
2
9
8
.
3
3
1
6
.
2
-
5
1
0
.
5
1
.
3
-
1
.
3
-
2
3
S
u
n

P
h
a
r
m
a

G
l
o
b
a
l

(
F
Z
E
)
U
S
D
6
0
.
0
1
2
4
7
.
5
6
8
,
8
4
2
.
5
7
1
,
1
3
8
.
2
2
,
0
4
8
.
2
1
,
9
2
7
.
4
3
1
,
6
2
0
.
5
3
1
,
6
6
8
.
4
-
3
1
,
6
6
8
.
4
-
2
4
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

(
S
A
)

(
P
t
y
)

L
t
d
.
Z
A
R
5
.
6
9
0
.
0
(
0
.
1
)
0
.
0
0
.
1
-
-
(
0
.
0
)
-
(
0
.
0
)
-
2
5
S
u
n

G
l
o
b
a
l

C
a
n
a
d
a

P
t
y
.

L
t
d
.
U
S
D
6
0
.
0
1
0
.
1
(
0
.
9
)
-
0
.
8
-
-
(
0
.
2
)
-
(
0
.
2
)
-
2
6
S
u
n

L
a
b
o
r
a
t
o
r
i
e
s

F
Z
E
U
S
D
6
0
.
0
1
7
3
5
.
2
(
1
.
9
)
7
3
3
.
4
0
.
1
-
-
(
0
.
6
)
-
(
0
.
6
)
-
2
7
S
u
n

G
l
o
b
a
l

D
e
v
e
l
o
p
m
e
n
t

F
Z
E
U
S
D
6
0
.
0
1
1
7
1
.
5
(
1
.
8
)
1
7
0
.
1
0
.
4
-
-
(
0
.
6
)
-
(
0
.
6
)
-
2
8
S
u
n

P
h
a
r
m
a

J
a
p
a
n

L
t
d
.
J
P
Y
0
.
5
8
9
1
.
9
(
2
2
6
.
0
)
1
1
.
6
1
4
5
.
7
-
-
(
1
2
1
.
4
)
0
.
2
(
1
2
1
.
6
)
-
N
O
T
E
S

F
O
R
M
I
N
G

P
A
R
T

O
F

T
H
E

C
O
N
S
O
L
I
D
A
T
E
D

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
1
s
t

M
a
r
c
h
,

2
0
1
4
139
Notes
`

i
n

M
i
l
l
i
o
n
S
R

N
O
N
a
m
e

o
f

t
h
e

S
u
b
s
i
d
i
a
r
y

C
o
m
p
a
n
y
R
e
p
o
r
t
i
n
g

C
u
r
e
n
c
y
R
a
t
e

C
a
p
i
t
a
l

R
e
s
e
r
v
e

T
o
t
a
l

A
s
s
e
t
s

T
o
t
a
l

L
i
a
b
i
l
i
t
i
e
s

I
n
v
e
s
t
m
e
n
t

o
t
h
e
r

t
h
a
n

I
n
v
e
s
t
m
e
n
t

i
n

S
u
b
s
i
d
i
a
r
y

T
u
r
n
o
v
e
r

P
r
o
f
t

/

(
L
o
s
s
)

b
e
f
o
r
e

T
a
x
a
t
i
o
n

P
r
o
v
i
s
i
o
n

f
o
r

T
a
x
a
t
i
o
n

P
r
o
f
t

/

(
L
o
s
s
)

a
f
e
r

T
a
x
a
t
i
o
n

P
r
o
p
o
s
e
d

D
i
v
i
d
e
n
d
2
9
S
u
n

P
h
a
r
m
a

P
h
i
l
i
p
p
i
n
e
s

I
n
c
P
H
P
1
.
3
4
1
1
.
6
(
9
0
.
5
)
1
4
2
.
3
2
2
1
.
2
-
5
5
.
3
(
6
5
.
7
)
-
(
6
5
.
7
)
-
3
0
S
u
n

P
h
a
r
m
a

M
E
A

J
L
T
U
S
D
6
0
.
0
1
1
6
3
.
4
3
1
.
0
2
2
5
.
7
3
1
.
3
-
-
(
2
4
.
0
)
-
(
2
4
.
0
)
-
3
1
S
u
n

P
h
a
r
m
a

H
e
a
l
t
h

C
a
r
e

F
Z
E
U
S
D
6
0
.
0
1
1
7
1
.
5
(
2
5
.
1
)
1
4
6
.
5
0
.
1
-
-
6
.
5
-
6
.
5
-
3
2
S
u
n

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

K
o
r
e
a

L
i
m
i
t
e
d
K
R
W
0
.
0
6
5
.
6
(
1
.
0
)
5
.
7
1
.
1
-
-
0
.
0
-
0
.
0
-
3
3
C
a
r
a
c
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

P
r
i
v
a
t
e

L
i
m
i
t
e
d
I
N
R
1
.
0
0
0
.
1
(
0
.
2
)
(
0
.
0
)
0
.
1
-
-
(
0
.
1
)
-
(
0
.
1
)
-
3
4
S
u
n

P
h
a
r
m
a

L
a
b
o
r
a
t
o
r
i
e
s

L
i
m
i
t
e
d

I
N
R
1
.
0
0
4
0
0
.
5
1
8
5
,
9
3
3
.
6
1
9
1
,
6
0
5
.
0
5
,
2
7
0
.
9
1
2
,
2
6
6
.
0
3
9
,
4
6
9
.
2
3
,
4
5
0
.
9
9
8
4
.
6
2
,
4
6
6
.
3
-
3
5
M
o
r
l
e
y

a
n
d

C
o
m
p
a
n
y

I
n
c
U
S
D
6
0
.
0
1
0
.
2
(
0
.
1
)
0
.
2
0
.
1
-
-
-
-
-
-
3
6
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
u
s
t
r
i
e
s

L
t
d
.
(
T
A
R
O
)
U
S
D
6
0
.
0
1
2
,
7
5
2
.
7
5
8
,
1
8
2
.
8
6
4
,
6
5
6
.
3
3
,
7
2
0
.
8
4
.
0
1
8
,
7
0
9
.
3
1
1
,
3
2
3
.
4
1
,
2
4
4
.
9
1
0
,
0
7
8
.
5
-
3
7
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

I
n
c
.
C
A
D
5
4
.
3
1
1
6
.
0
3
1
,
7
5
7
.
9
3
3
,
7
5
2
.
0
1
,
9
7
8
.
1
-
1
9
,
1
6
8
.
4
1
3
,
6
1
4
.
0
3
,
2
7
9
.
4
1
0
,
3
3
4
.
6
-
3
8
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

U
.
S
.
A
.
,
I
n
c
.
U
S
D
6
0
.
0
1
8
.
7
(
1
,
8
7
1
.
9
)
3
2
,
1
0
2
.
8
3
3
,
9
6
6
.
0
1
8
9
.
3
3
9
,
7
7
2
.
9
1
,
5
7
6
.
5
6
6
9
.
4
9
0
7
.
1
-
3
9
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

N
o
r
t
h

A
m
e
r
i
c
a
,

I
n
c
.
U
S
D
6
0
.
0
1
0
.
0
7
,
3
7
4
.
3
1
2
,
9
3
4
.
6
5
,
5
6
0
.
3
-
6
,
7
0
9
.
0
4
,
7
9
5
.
9
-
4
,
7
9
5
.
9
-
4
0
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

E
u
r
o
p
e

B
.
V
.
E
U
R
O
8
2
.
6
3
1
.
5
(
3
3
.
1
)
4
.
3
3
5
.
9
-
-
(
2
.
7
)
-
(
2
.
7
)
-
4
1
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

I
r
e
l
a
n
d

L
t
d
.
E
U
R
O
8
2
.
6
3
1
6
5
.
3
5
.
9
1
0
9
.
1
(
6
2
.
1
)
-
-
(
7
.
8
)
-
(
7
.
8
)
-
4
2
T
a
r
o

I
n
t
e
r
n
a
t
i
o
n
a
l

L
t
d
.

U
S
D
6
0
.
0
1
3
0
.
1
(
8
5
.
7
)
7
9
.
3
1
3
4
.
9
-
-
(
5
.
7
)
-
(
5
.
7
)
-
4
3
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

U
K

L
t
d
.
G
B
P
9
9
.
9
8
-
(
6
2
8
.
5
)
1
8
1
.
1
8
0
9
.
6
-
9
5
7
.
2
8
1
.
4
(
0
.
3
)
8
1
.
7
-
4
4
T
a
r
o

H
u
n
g
a
r
y

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y

L
i
c
e
n
s
i
n
g

L
L
C
.
U
S
D
6
0
.
0
1
6
,
1
0
2
.
2
0
.
5
6
,
1
0
8
.
3
5
.
6
-
-
1
4
7
.
9
1
6
.
0
1
3
1
.
9
1
3
1
.
4
4
5
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

C
a
n
a
d
a
,

L
t
d
.
C
A
D
5
4
.
3
1
0
.
0
(
0
.
0
)
0
.
1
0
.
1
-
-
-
-
-
-
4
6
T
a
r
o

P
h
a
r
m
a
c
e
u
t
i
c
a
l

I
n
d
i
a

P
r
i
v
a
t
e

L
t
d
.

I
N
R
1
.
0
0
0
.
1
0
.
9
1
.
0
-
-
-
(
0
.
1
)
0
.
0
(
0
.
1
)
-
4
7
S
u
n

U
n
i
v
e
r
s
a
l

L
t
d
.
U
S
D
6
0
.
0
1
0
.
2
(
1
.
1
)
0
.
1
1
.
0
-
-
(
0
.
3
)
-
(
0
.
3
)
-
4
8
K
h
y
a
t
i

R
e
a
l
t
y

M
E

L
t
d
.
U
S
D
6
0
.
0
1
0
.
2
(
1
.
0
)
-
0
.
8
-
-
(
0
.
2
)
-
(
0
.
2
)
-
4
9
A
d
i
t
y
a

P
h
a
r
m
a

P
r
i
v
a
t
e

l
i
m
i
t
e
d

U
S
D
6
0
.
0
1
0
.
2
(
0
.
1
)
0
.
1
-
-
-
(
0
.
1
)
-
(
0
.
1
)
-
5
0
A
l
k
a
l
o
i
d
a

S
w
e
d
e
n

A
B
S
E
K
9
.
2
7
3
3
.
7
(
3
2
.
9
)
4
.
5
3
.
7
-
5
.
1
(
2
6
.
3
)
-
(
2
6
.
3
)
-
5
1
D
u
s
a

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

I
n
c
U
S
D
6
0
.
0
1
0
.
6
(
1
4
7
.
9
)
1
1
,
2
0
0
.
1
1
1
,
3
4
7
.
4
-
4
,
2
3
2
.
3
(
5
2
.
3
)
(
2
8
9
.
6
)
2
3
7
.
3
-
5
2
U
R
L

P
h
a
r
m
a

I
n
c
U
S
D
6
0
.
0
1
4
,
2
4
0
.
6
1
,
0
2
7
.
5
5
,
2
6
8
.
2
0
.
1
-
-
-
-
-
-
5
3
A
R

S
c
i
e
n
t
i
f
c
.
I
n
c
U
S
D
6
0
.
0
1
8
0
.
4
1
0
.
0
(
5
6
.
9
)
(
1
4
7
.
3
)
-
2
8
3
.
0
3
4
.
0
1
3
.
4
2
0
.
6
-
5
4
M
u
t
u
a
l

P
h
a
r
m
a
c
e
u
t
i
c
a
l

C
o
m
p
a
n
y
,

I
n
c
.
U
S
D
6
0
.
0
1
5
,
1
8
3
.
0
6
,
5
9
2
.
9
1
3
,
9
3
9
.
3
2
,
1
6
3
.
4
-
1
7
,
6
9
8
.
6
9
,
6
4
2
.
4
3
,
5
9
4
.
3
6
,
0
4
8
.
1
-
5
5
U
n
i
t
e
d

R
e
s
e
a
r
c
h

L
a
b
o
r
a
t
o
r
i
e
s
,

L
t
d
.
U
S
D
6
0
.
0
1
3
9
8
.
9
(
3
1
.
1
)
4
8
4
.
1
1
1
6
.
3
-
7
7
.
2
4
1
.
8
1
6
.
6
2
5
.
2
-
5
6
D
u
n
g
a
n

M
u
t
u
a
l

A
s
s
o
c
i
a
t
e
s
,

L
L
C
U
S
D
6
0
.
0
1
(
7
4
.
0
)
1
4
.
2
(
5
9
.
0
)
0
.
8
-
-
1
8
.
1
7
.
1
1
1
.
0
-
N
O
T
E
S

F
O
R
M
I
N
G

P
A
R
T

O
F

T
H
E

C
O
N
S
O
L
I
D
A
T
E
D

F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S

f
o
r

t
h
e

y
e
a
r

e
n
d
e
d

3
1
s
t

M
a
r
c
h
,

2
0
1
4
A
N
N
E
X
U
R
E

S
T
A
T
E
M
E
N
T

R
E
G
A
R
D
I
N
G

S
U
B
S
I
D
I
A
R
Y

C
O
M
P
A
N
I
E
S

A
S

R
E
Q
U
I
R
E
D

U
N
D
E
R

S
E
C
T
I
O
N

2
1
2

(
8
)

O
F

T
H
E

C
O
M
P
A
N
I
E
S

A
C
T
,

1
9
5
6

P
U
R
S
U
A
N
T

T
O

G
E
N
E
R
A
L

C
I
R
C
U
L
A
R

N
O
.

2
/
2
0
1
1

D
A
T
E
D

F
E
B
R
U
A
R
Y

8
T
H

2
0
1
1

I
S
S
U
E
D

B
Y

T
H
E

M
I
N
I
S
T
R
Y

O
F

C
O
R
P
O
R
A
T
E

A
F
F
A
I
R
S

140
`

i
n

M
i
l
l
i
o
n
S
R

N
O
N
a
n
e

o
I

I
h
e

S
u
b
s
i
d
i
a
r
y

C
o
n
p
a
n
y
R
e
p
o
r
t
i
n
g

C
u
r
e
n
c
y
R
a
t
e

C
a
p
i
t
a
l

R
e
s
e
r
v
e

T
o
t
a
l

A
s
s
e
t
s

T
o
t
a
l

L
i
a
b
i
l
i
t
i
e
s

I
n
v
e
s
t
m
e
n
t

o
t
h
e
r

t
h
a
n

I
n
v
e
s
t
m
e
n
t

i
n

S
u
b
s
i
d
i
a
r
y

T
u
r
n
o
v
e
r

P
r
o
I
I

}

(
L
o
s
s
)

b
e
I
o
r
e

T
a
x
a
I
i
o
n

P
r
o
v
i
s
i
o
n

I
o
r

T
a
x
a
I
i
o
n

P
r
o
I
I

}

(
L
o
s
s
)

a
H
e
r

T
a
x
a
I
i
o
n

P
r
o
p
o
s
e
d

D
i
v
i
d
e
n
d
5
7
U
R
L

P
h
a
r
m
P
r
o
,

L
L
C
U
S
D
6
0
.
0
!
(
3
3
6
.
9
)
(
1
7
0
.
7
)
(
5
0
1
.
8
)
5
.
8
-
-
(
2
3
2
.
3
)
(
9
!
.
0
)
(
1
4
1
.
3
)
-
5
8
D
u
s
a

P
h
a
r
m
a
c
e
u
t
i
c
a
l
s

N
e
w

Y
o
r
k

I
n
c
U
S
D
6
0
.
0
!
-
(
7
!
.
9
)
(
5
5
.
7
)
!
6
.
?
-
-
(
6
0
.
9
)
-
(
6
0
.
9
)
-
S
9
F
a
s
I
s
I
o
n
e

N
e
r
c
a
n
I
i
l
e

C
o
n
p
a
n
y

P
r
i
v
a
I
e

L
i
n
i
I
e
d
I
N
R
1
.
0
0
0
.
1
9
.
!
9
.
?
0
.
0
9
.
?
-
(
0
.
1
)
0
.
0
(
0
.
1
)
-
6
0
N
e
e
t
n
a
v

R
e
a
l

E
s
t
a
t
e

P
r
i
v
a
t
e

L
i
m
i
t
e
d
I
N
R
1
.
0
0
0
.
1
9
.
!
9
.
?
0
.
0
9
.
?
-
(
0
.
0
)
0
.
0
(
0
.
0
)
-
6
!
R
e
a
l
s
t
o
n
e

M
u
l
t
i
t
r
a
d
e

P
r
i
v
a
t
e

L
i
m
i
t
e
d
I
N
R
1
.
0
0
0
.
1
9
.
!
9
.
?
0
.
0
9
.
?
-
(
0
.
1
)
0
.
0
(
0
.
1
)
-
6
?
S
k
i
s
e
n

L
a
b
s

P
r
i
v
a
t
e

L
i
m
i
t
e
d
I
N
R
1
.
0
0
0
.
1
8
.
9
3
6
S
.
0
3
S
6
.
0
9
.
0
-
(
0
.
1
)
0
.
0
(
0
.
1
)
-
6
3
S
o
H
d
e
a
l

T
r
a
d
i
n
g

C
o
n
p
a
n
y

P
r
i
v
a
I
e

L
i
n
i
I
e
d
I
N
R
1
.
0
0
0
.
1
8
.
6
8
.
7
0
.
0
8
.
7
-
(
0
.
1
)
0
.
0
(
0
.
1
)
-
6
4
U
n
i
v
e
r
s
a
l

E
n
t
e
r
p
r
i
s
e
s

(
P
v
t
)

L
t
d
.
I
N
R
1
.
0
0
4
.
5
0
.
8
5
.
3
0
.
0
-
-
0
.
0
0
.
0
0
.
0
-
6
S
S
u
n

P
h
a
r
m
a

S
w
i
t
z
e
r
l
a
n
d

L
t
d
.
C
H
F
6
7
.
8
4
6
.
8
(
0
.
4
)
6
.
S
0
.
1
-
-
(
0
.
4
)
-
(
0
.
4
)
-
6
6
N
o
g
a
d

H
o
l
d
i
n
g
s
U
S
D
6
0
.
0
!
?
0
S
,
?
6
4
.
6
3
.
5
?
0
S
,
?
6
8
.
S
0
.
4
-
-
3
.
5
-
3
.
5
-
6
7
S
i
l
v
e
r
s
t
r
e
e
t

D
e
v
e
l
o
p
e
r
s

L
L
P
I
N
R
1
.
0
0
?
,
7
7
6
.
4
0
.
0
?
,
7
7
6
.
S
0
.
1
?
,
7
7
S
.
6
-
0
.
5
0
.
2
0
.
3
-
N
o
I
e

.

!

0
.
0
'

r
e
p
r
e
s
e
n
I
s

a
n
o
u
n
I

l
e
s
s

I
h
a
n

0
.
0
S

n
i
l
l
i
o
n

a
n
d

r
o
u
n
d
e
d

o
H
.
?

T
h
e

a
b
o
v
e

d
o
e
s

n
o
I

i
n
c
l
u
d
e

3

S
k
y
l
i
n
e

L
L
C
,

O
n
e

C
o
n
n
e
r
c
e

D
r
i
v
e

L
L
C
,

T
a
r
o
c
h
e
n

L
I
d
,

O
r
I
a

L
I
d
,

S
i
r
i
u
s

L
a
b
o
r
a
I
o
r
i
e
s

l
n
c
,

C
a
r
a
c
o

P
h
a
r
n
a

l
n
c
.

a
n
d

T
a
r
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

L
a
b
o
r
a
I
o
r
i
e
s

l
n
c

b
e
i
n
g

s
u
b
s
i
d
i
a
r
i
e
s

o
I

T
a
r
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

l
n
d
u
s
I
r
i
e
s

L
I
d
.

a
n
d

C
a
r
a
c
o

P
h
a
r
n
a
c
e
u
I
i
c
a
l

L
a
b
o
r
a
I
o
r
i
e
s

L
I
d
.

a
s

I
h
e
y

h
a
v
e

n
o

o
p
e
r
a
I
i
o
n

a
n
d

d
o
e
s

n
o
I

h
a
v
e

a
n
y

A
s
s
e
I
s
,

L
i
a
b
i
l
i
I
i
e
s

o
r

E
q
u
i
I
y

a
s

o
n

I
h
e

c
l
o
s
e

o
I

I
h
e
i
r

F
i
n
a
n
c
i
a
l

Y
e
a
r
.
3

S
u
n

U
n
i
v
e
r
s
a
l

L
I
d

a
n
d

K
h
y
a
I
i

P
e
a
l
I
y

N
E

L
I
d

a
r
e

u
n
d
e
r

v
o
l
u
n
I
a
r
y

c
l
o
s
u
r
e

a
s

p
e
r

I
h
e

r
e
s
o
l
u
I
i
o
n

p
a
s
s
e
d

b
y

I
h
e

r
e
s
p
e
c
I
i
v
e

s
h
a
r
e
h
o
l
d
e
r
s

o
I

I
h
e

c
o
n
p
a
n
y
.
N
O
T
E
S

F
O
P
N
l
N
G

P
A
P
T

O
F

T
H
E

C
O
N
S
O
L
l
D
A
T
E
D

F
l
N
A
N
C
l
A
L

S
T
A
T
E
N
E
N
T
S

I
o
r

I
h
e

y
e
a
r

e
n
d
e
d

3
!
s
I

N
a
r
c
h
,

?
0
!
4
A
N
N
E
X
U
R
E

S
T
A
T
E
M
E
N
T

R
E
G
A
R
D
I
N
G

S
U
B
S
I
D
I
A
R
Y

C
O
M
P
A
N
I
E
S

A
S

R
E
Q
U
I
R
E
D

U
N
D
E
R

S
E
C
T
I
O
N

2
1
2

(
8
)

O
F

T
H
E

C
O
M
P
A
N
I
E
S

A
C
T
,

1
9
5
6

P
U
R
S
U
A
N
T

T
O

G
E
N
E
R
A
L

C
I
R
C
U
L
A
R

N
O
.

2
/
2
0
1
1

D
A
T
E
D

F
E
B
R
U
A
R
Y

8
T
H

2
0
1
1

I
S
S
U
E
D

B
Y

T
H
E

M
I
N
I
S
T
R
Y

O
F

C
O
R
P
O
R
A
T
E

A
F
F
A
I
R
S

BOARD OF DIRECTORS
Israel Makov
Chairman
Dilip S. Shanghvi
Managing Director
Sudhir V. Valia
Whole-time Director
Sailesh T. Desai
Whole-time Director
S. Mohanchand Dadha
Director
Hasmukh S. Shah
Director
Keki M. Mistry
Director
Ashwin Dani
Director
Rekha Sethi
Director (w.e.f. February 13, 2014)
CHIEF FINANCIAL OFFICER
Uday V. Baldota
COMPANY SECRETARY
Sunil R. Ajmera
email: secretarial@sunpharma.com
AUDITORS
Deloitte Haskins & Sells
Chartered Accountants, Mumbai
BANKERS
Bank of Baroda
Bank of Nova Scotia
Citibank N.A.
ICICI Bank Ltd
Kotak Mahindra Bank Ltd
Standard Chartered Bank
State Bank of India
REGISTRARS & SHARE TRANSFER
AGENTS
C/13, Kantilal Maganlal Estate,
Pannalal Silk Mills Compound,
L B S Marg, Bhandup (West),
Mumbai 400 078
Tel: (022)-25946970
Fax: (022)-25946969
E-mail: sunpharma@linkintime.co.in
PLANTS
Survey No. 214, Plot No. 20, Govt.
Industrial Area, Phase II, Piparia.
Silvassa - 396 230, U.T. of D & NH.
Halol-Baroda Highway, Near Anand
Kendra, Halol, Dist. Panchmahal -
389350, Gujarat.
Plot No. 24/2 & 25, GIDC, Phase-IV,
Panoli - 394 116. Dist. Bharuch, Gujarat.
A-7 & A-8, MIDC Ind. Area, Ahmednagar -
414111, Maharashtra.
Plot No. 4708, GIDC.
Ankleshwar - 393 002, Gujarat.
Sathammai Village, Karunkuzhi Post,
Maduranthakam TK, Kanchipuram
District, Tamil Nadu - 603 303.
Plot No. 817/A, Karkhadi, Taluka Padra,
Dist. Vadodara - 391 450, Gujarat.
Survey No. 259/15, Dadra - 396 191,
U.T. of D. & NH.
Sun Pharma Laboratories Ltd.,
Plot No.754, Nandok Block, Setipool,
P.O. Ranipool, Sikkim 737135.
Plot No. 107/108, Namli Block, Setipool,
P.O. Ranipool,
Sikkim 737135.
6-9 Export Promotion Industrial Park
(EPIP), Kartholi, Bari Brahmana,
Jammu - 181 133, J & K.
Sun Pharma Laboratories Ltd., I.G.C.
Phase-I, Samba 184121 - J & K.
Sun Pharmaceutical Industries Inc., 705, E.
Mulberry Street, Bryan,
Ohio 43506, USA.
Sun Pharmaceutical Industries Inc., 270
Prospect Plains Road, Cranbury, New
Jersey 08512, USA.
Caraco Pharmaceutical Laboratories Ltd.,**
1150 Elijah McCoy Drive, Detroit 48202,
Michigan, USA.
Sun Pharmaceutical (Bangladesh) Ltd.,
Chandana, Joydevpur, Gazipur, Bangladesh.
Alkaloida Chemical Company Zrt, H-4440
Tiszavasvari , Kabay, Janos u.29,Hungary.
TKS Farmaceutica, Rodovia GO-080,
Km 02, Chacaras 01/02, Jardim Pompeia,
Goiania/GO, Brazil
CEP: 74690-170.
Sun Pharma de Mexico S.A. de C.V, Av. Rio
Churubusco No. 658, Col. El Sifon, Del.
Iztapalapa, C.P 09400 Mexico, Distrito
Federal.
Chattem Chemicals, Inc., 3708, St. Elmo
Avenue, Chattanooga, TN 37409, USA
Taro Pharmaceuticals Inc., 130 East Drive,
Brampton, Ontario L6T 1C1, Canada.
Taro Pharmaceutical Industries Ltd.,
14 Hakitor Street, P.O. Box 10347 Haifa Bay
2624761, Israel.
Dusa Pharmaceuticals Inc., 25, Upton
Drive, Wilmington, Massachusetts, 01887,
USA
URL Pharmaceuticals Inc., 1100 Orthodox
Street, Philadelphia, PA 19124, USA
URL Pharmaceuticals Inc., 2500 Molitor
Road, Aurora, IL 60502, USA
**Plant in operation till June 30, 2014.
OFFICES
Registered OHce
Sun Pharma Advanced Research Centre
(SPARC), Tandalja,
Vadodara 390 020, Gujarat.
Corporate OHce
Acme Plaza, Andheri Kurla Road, Andheri
(East), Mumbai 400 059, Maharashtra.
RESEARCH CENTRES
Sun Pharma Advanced Research Centre
(SPARC), Akota Road, Akota, Vadodara
390 020, Gujarat.
F.P.27, Part Survey No. 27, C.S. No. 1050,
TPS No. 24, Village Tandalja, District
Vadodara - 390 020, Gujarat.
17-B, Mahal Industrial Estate, Mahakali
Caves Road, Andheri (East),
Mumbai - 400 093, Maharashtra.
Chemistry and Discovery Research Israel,
14 Hakitor Street,
P.O. Box 10347 Haifa Bay 2624761, Israel.
CORPORATE INFORMATION
c
o
n
c
e
p
t
, c
o
n
t
e
n
t
a
n
d
d
e
s
ig
n
a
t
(
in
f
o
@
a
ic
l.in
)
Acme Plaza,
Andheri - Kurla Rd, Andheri (E),
Mumbai - 400 059.
Tel: 91-22-66969696
Fax: 91-22-28212010
CIN: L24230GJ1993PLC019050
www.sunpharma.com

2013-14 SPIL - Annual Report

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

2013-14 SPIL - Annual Report

Загружено:

Авторское право:

Доступные форматы

GROWTH

Вам также может понравиться